The physics behind this strange-looking effect has recently been investigated, see here (maths required):
We have presented the results of an experimental investigation of the Tibetan singing bowl, its acoustics and hydrodynamics. Its acoustical properties are similar to those of a wine glass, but its relatively low vibration frequency makes it a more efficient generator of edge-induced Faraday waves and droplet generation via surface fracture.
There’s a nice popular overview here that also has an explanatory video.
I spent over 12 years doing academic research in theoretical physics and the fascination of being able to understand and explain the natural world has never left me!