It's the same reason why it's called racing tracks and not raced tracks.
Generally, when describing an object by the action that takes place on it, the present participle is used e.g. flying trapeze(not flown trapeze), weighing bridge(not weighed bridge).
However, if describing a thing by an action that has already taken place, the past participle may be used e.g. Processed water(water that has already been processed), edited question, etc.
In this case, as the action has not yet taken place(bottled drinking water), the present participle is used.
P.S. Of course, the present verb can also be used as an adjective e.g. walkway, runway, etc.