Summary
There are large gaps in terrain generation in Snow-capped Peaks near the Far Lands. The holes in the landscape will stretch down to about Y=65.
Steps to reproduce:
Create a new world on seed "hhh"
Teleport to the coordinates 12550500, 200, 1370 (make sure you are flying!).
Result:
A large ravine-like monolith appears that extends down to approximately Y=65.
Expected Result:
This area of the mountain should generate normally without any sudden drops. This is how mountains normally generate near 0, 0.
Notes:
This only appears to occur in Snow-capped Peaks biomes. The monolith probably isn't a distorted ravine, since a normal ravine generates in a nearby forest at 12550200, 70, 1025
The "far lands" is not supported so any issues related to weird behavior there are invalid.