Hi Jamie
Actually front loaders keep their bearings up above the water level, but most top loaders rely only on a seal to keep water out of the bearings. They all use a seal of course, top and front loaders, but in FLs the seal is above the normal water line. In most FLs even the high water level is well below the bearings and seal.
There are two main types of seal, one is a rubber disc which has special round "lips" which fit tightly around the spin shaft. The other type is in two halves, a ceramic disc which is glued to the bottom of the basket or inner drum, and a spring-loaded rubber boot with a special hard carbon face moulded into it(attaches to the outer tub), which is pressed by the spring against the ceramic. This type is called a carbon seal and counterface. I like the carbon seal and counterface, they would be much more expensive to make but are more durable. Both types of seal are used on both front and top loaders. Some models have used both - for example the Hoover Zodiac front loader originally used a seal and counterface, later versions were cheapened and used a simple seal, like an oil seal.
There is no air pocket under the agitator, the water gets right in there.
Oops I forgot the third type, which is the up-and-down Frigidaires, which use a bellows sealed top and bottom, a good method too.
And some top loaders use a tall spin tube which comes right up above water level, so a simple cheap seal is OK. An example of this type is belt drive Whirlpools.
Australian Hoover Autos, based on the US Blackstone design, use a seal and counterface below water level for the spin tube, and have a spin tube extension which comes up above water level with the agitator shaft running through it, it uses a simple seal at the top as it is above the water line. If the top seal fails and the water overfills, water runs down into the transmission.
I Hope this makes sense for you.
Chris.