Because the envelope sender is where non-delivery reports go, it is the anchor of all bounce handling. A relay that cannot deliver a message "MUST construct an 'undeliverable mail' notification message and send it to the originator of the undeliverable mail (as indicated by the reverse-path)" (RFC 5321 §3.6.3).
The bounce notification itself is sent with an empty reverse-path — the null reverse-path, written MAIL FROM:<> — precisely so that a bounce of a bounce cannot create an infinite loop (RFC 5321 §3.6.3). If you ever see MAIL FROM:<> in a log, it is almost always a DSN or an auto-reply, not spam.
Bulk senders often encode the original recipient into the envelope sender using VERP (Variable Envelope Return Path), e.g. [email protected], so an incoming bounce can be attributed to the exact address that failed without parsing the body.