As all the accolades suggest, this one works for many reasons.
The shape of the hole is arresting, and the camera's viewpoint is an excellent one.
There is just enough texture on the ice at the edges of the hole to identify the location, so the viewer needn't waste time on the "What is it?" guessing game.
The ripples on the water add zest without distracting from the excellent sense of form of the hole.
I must admit that I do attempt many, many minimalist shots, and when I look at the resulting images, 99% of the time they are totally boring, even to me.
But that other 1% is worth the effort.