when I see play like this I bend my knees a little more than a normal overhead to hit and overhead...or I forehand slice it on the rise making it skip low and causing them to dig it out and give me an easy overhead/volley if i get to net in time.
I don't moonball (am not a patient or proficient lobber), but a friend does this shot to me often from his baseline on a ball that bounces to him over shoulder height. It has wicked side spin which wrenches my racquet when I try to move in for a volley, and skids really low if I let it bounce... it stays so low I have trouble getting under it for my topspin FH or BH. So I end up blocking it back on a short hop, and he has usually followed his shot in and has an open court volley put-away. The shot you describe is a weapon if you can hit it well... it's big trouble for me for sure. I respectfully hate that shot and can see how it could punish a moonballer or pusher.