Jozm,
There is one word that finally caught my eye after repeated reading OP.
You mentioned "bellow", while most viewers (including myself) seem to focus on the matter of allowable loads, or the flare.
If the bellows element is indeed a convoluted bellows expansion joint, then it would explain the very low axial allowable moment loading. The typical convoluted bellows element is not capable of sustaining hardly any torsional loading.
It is easier for me to interpret the bellows element in terms of allowable deflection, instead of allowable loads. The bellows element would have a longer axial deflection for design, while the lateral deflection would be less for design. Torsional or axial rotation would be almost zero design.
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R Yee