Most lateral ankle instability can be thought of as "mechanical" - following from an ankle inversion injury or "sprain" involving a high-force, high-speed inward turning of the foot on the ankle, resulting in varying degrees of damage to the structures that support the ankle. The number one predictor of an ankle inversion injury is drum roll a previous ankle inversion injury. Because the stabilising structures like ligaments will tend to heal in an elongated shape and provide less robustness going forward.
Part of the challenge of lateral ankle instability is that when we talk about the ankle complex, we can really be talking about three joints; the talocrural joint (the one we'd all recognise as the ankle joint), the subtalar joint (which sits below it) and the tibiofibular syndesmosis (which sits above it)...couple this with all the ligaments, fascia, tendons and nerves related to them and it starts to get complicated very quickly doesn't it!? This is why we always recommend seeing a Podiatrist with an excellent knowledge of anatomy (we like to think that's us!) to help you get to the bottom of things.
It's also important to recognise the idea of a "functional" lateral ankle instability; this is relates to predisposing factors such medical conditions involved in proprioception (balance) like Parkinson's or Diabetic Neuropathy, or conditions that affect ligament laxity like Ehlers-Danlos Syndrome.