Caustic soda is no more extreme than using Bleach and is probably safer due to possible reaction with other chemicals that could free Chlorine gas (now that is pretty toxic).
The Steripen is also a quick and simple method of killing bugs
The steripen approach-bathing the inside of the bottle in synthetic sunshine-is delightful and non-toxic. I must concede that the boiling caustic soda solution would be very useful if the water bottle contained bacteria-contaminated oysters, or a small, rabid wolverine. I suppose one must identify the contaminant in order to make sense of the cleansing process.