Have my breast implants dropped too much? (Photo)

Yes, you definitely have some bottoming out. You will need a capsular plication procedure to tighten the inferior pocket and reinforce it with ADM or mesh to support the repair. Smaller implants will also not put as much stress on the tissues and hopefully keep the tissue from stretching again after the repair.

Your implants do appear too low.  Your preoperative pictures would be helpful to fully evaluate, but aesthetically their appearance would be improved if they were elevated. Revisional surgery can accomplish that, but is more difficult technically than the original operation, so I would make sure your surgeon is comfortable with this revision. You should wait a full six months.  There are different techniques for  modifying the pocket, but simply closing it with sutures is unlikely to be successful.

In the photos it does look like your implants have dropped. Your nipple areola complex is well above the base of the implant. They should be sitting in the center of the implant not so high.