Something is a bit off from the looks of it. As far as length is concerned, you're supposed to have 1.5-2.5 inches per end of the hammock of wiggle room between the ends of the hammock and the end of the bugnetting (hammock ridgeline length x 2 + 6 to 10 inches.
For ease of discussion let's say your hammock ridgeline is 100 inches. That'd be 100 x 2 = 200 + 6 to 10 inches (I usually use 10) would give you 210 total inches for your raw bugnetting fabric. Fold that over would give you 105 inches for your finished net which would give you 2.5 inches per side of wiggle room between your hammock ends and your bugnetting). So it appears your raw bugnetting length was not long enough to accommodate the length of your hammock.
Solution for this would be to purchase or DIY a pair of netting extenders. 2QZQ sells them.
Now for the height problem. You're not supposed to end up with the hammock hanging out of the bottom of the netting.
It appears your hammock is hung with quite a bit of distance between the hammock ridgeline and the bottom of the hammock.
The solution to this would be to either go with it as it is (frankly, I would test this a few times in the backyard on a really buggy evening before trusting it to keep the bugs out in the field) or sew additional panels, like you mention, to the bottom to accommodate being able to get the entirety of the hammock inside the bugnetting.
As far as some additional information, I have a few videos on how I approached things with a few different hammocks and some of the things I learned in the process of making a few of these. Video 3 specifically discusses what you mention of installing Velcro on one side for easy removal. I put this feature on all of the bugnets I make now so I can easily install and remove the netting with all the items in/on my hammock.
I think it's a really good start. Let us know how things turnout.