ORIGINAL: Terminus
Any sort of shaped charge would negate the advantage the ADCAP gets by exploding under the keel of the target ship. The damage potential of the bubble formed by the detonation of the warhead in the water is far greater than the hole that would be punched in the side of the ship by a shaped charge.
An impact detonation makes a hole in the side, the detonation under the keel breaks the back of the ship. And I'm pretty sure that this fuse setting is standard for fleet ADCAP's.
Agreed, the most elegant way to make a big bubble underwater would be a spherical explosion.