Okay, after scribbling lots of diagrams on my whiteboard, I think I have the correct picture in my head. Lets see if I can get it out in words, or if the dryerase fumes will interfere.
There are (at least) two things going on. One is that the surface of the lake is rough because of the waves. Another is that you are looking at the lake at a low angle.
If the lake was perfectly smooth (like a mirror) then you would see, not a column, but a single image of the light, located at the point where the angle of incidence of light from the lamp onto the perfectly smooth horizontal surface equals the angle of reflectance to you, the viewer.
Because the lake is rough, though, the lake’s surface isn’t perfectly smooth. There are patches of lake surface at all angles, so you don’t see the image of the lamp at just at one place, but instead see many partial images of the lamp from many different places on the lake’s surface.
Imagine that instead of a lake, you had a vast field of little mirrors whose position you could remotely control, and you want to line them all up so that each one gives you an image of the lamp. There’s one mirror that will be excatly horizontal, kinda near the center of the “lake.” (Assuming that the light is about as high off the ground as your head.) Now, think about how you’d have to angle the other mirrors to catch the lamp’s reflection.
All the mirrors along the line between you and the lamp would just be tilted toward or away from you, not to the left or right. But mirrors off to the side need to be tilted left-right, and the amount that they need to tip increases rapidly with distance from the line of sight.
Now, think about the way that waves look from your perspective on the shore. No matter what the actual orientation of the waves, as you look across the lake from a low angle, the waves tend to look stretched out left-to-right, right? This means that most of the surfaces you can see have a toward-away (i.e. parallel to the line of sight) tilt, not a left-right tilt, ergo, you only see reflections along the line of sight to the lamp, or, a “column” of light.
That last paragraph got a little dodgy. Maybe someone can shore up (ha ha) my reasoning a bit.