So far I've been using the Collapse Edges & Faces feature to collapse each bit one by one, but I was curious if there's a faster way to simplify this bevel so the mesh looks better. I'm definitely still learning, so I want to learn the right way first.
As @Jachym Michal mentioned you can also just delete the whole edge.
1.) Press 3 to switch to Face Select mode
2.) Click LMB the bottom face of the bottle
3.) Press Ctrl+Numpad + repeatedly until whole edge is selected
4.) Press x > Delete Faces
5.) Press 2 to switch to Edge Select mode
6.) Click edge Alt+LMB to select the edge loop
7.) Press F to fill in a face to close the bottom
8.) Press GZ and move down along z-axis
9.) Bevel with Ctrl+B and move mouse up then scroll middle button upwards to add segments
10.) Click LMB and you're done