If the footnote setting isn't it....

That said, it seems like it's "bottom of page" because it's very
consitently at the bottom of the page, regardless of what else is around
it. It's just maybe a 1/2" up from where it looks like it could/should
go.

Conceivably an expanded footer is pushing the notes up? Check the "from
edge" setting in File | Page Setup, Layout. Also, view Header/Footer,
click ¶ on the standard toolbar to turn on nonprinting characters, and see
if there are any excess paragraph marks (¶s) in the footer.

DM