The fiberglass insulation has deteriorated and fallen away from the floor joists. As moisture floods into the crawl space through open vents and water vapor rises from the earth, this moisture is absorbed, like a sponge, by the fiberglass batts. The retained moisture damages the fibers and results in the layers of the material pulling apart from itself. The saturated insulation becomes heavier and holds moisture against the metal rods holding it in the joists, eventually rusting through them. The weight of the insulation makes it sag and eventually fall.