If you look at the video, this is exactly what I believe happened. At 300+ feet fall, the water's surface tension would have certainly killed her. In fact, a lot of people each year jump off the Golden Gate Bridge to commit suicide knowing this.
She's very lucky given the circumstances and this is exactly why I won't bungee jump. If that rope breaks, there is NO back up. I'll skydive any day of the year knowing there is a backup 'chute if my primary doesn't open.
It's interesting you should say that, about the backup parachute that is. On my time off over Christmas I was with my family when we noticed some parachutists sailing down above us, so we stopped to watch. Seemed to keep noticing another one we missed every so often... then we noticed a poor person who was clearly tangled. Reserve didn't help that unlucky individual. Was not a fun place to be
Heard nothing about it on the news, which I was checking a lot in hope the poor bastard actually survived... Lots of tandems up that day
What a terrible christmas for all involved.
My heart goes out to them.