According to the OED the word bailout was first used in 1930 to describe the actions of pilot jumping out of an airplane.
to bale out. [Usually so spelt, as if the action were that of letting a bundle through a trapdoor; but also (esp. U.S.) as bail, as if a use of BAIL v.4, to lade out.] intr. (Of an airman) to make an emergency descent by parachute from his machine.