The picture in picture Event FX has this animation possibility where we can set positions, scale, angle and keyframes. But is there a preset with animation like bounces or earthquake like the one in Titles and Text ? Bounces is hard to animate manually and look natural.
What you need is Protype titler's feature adding many curves to keyframe. But PIP doesn't posses this feature. Maybe you can send a feature request to VEGAS team.
However, you can use Vegasaur to realize it in pan/crop or track motion. https://vegasaur.com/tweener
Vegasaur for Vegas has a keyframe tweener where you can create animation effects like a bounce etc. These animations can be used for the pan/crop tool and Trackmotion tool ( which can do the same as the PIP fx).
I managed a kind of bump effect with pip, but as expected not so smooth, and a pain in the... to edit. I will check out Vegasaur! Thank you 😀