Bonds and interest rates move inversely i.e. as interest rates fall, existing bonds (not future issues), are relatively more attractive, given their better return - therefore driving up their value.
Where that relationship is compressed owing to the ‘idiot premium’ as you say, its simply because the market demands a higher premium owing to perceptions of political instability or fiscal incompetence.
Gilt yields are not several percentage points higher than the Truss blow-out.
10 year bonds are currently trading at 4.566% - at par with the Truss period. The difference is the price action at that time - when they more than doubled very quickly.
For context, a good metric is the German bund - UK bond spread. That’s more relevant of how the market sees the UK.