VIX is a volatility index, irrespective of direction.
Yes, volatility is irrespective of which way the market is going. But volatility jumped along with last week’s big sell off and lots of investment funds and hedge funds had hedged bets against a jump in volatility. One VIX betting index lost 80%. Those who bet against higher volatility lost and some had to cover their losses. Some had to sell actual asset holdings to cover their hedges against a jump in volatility.