What happens when the pedal bottoms out is that the brake fluid boils. Bubbles form and suddenly pushing on the pedal does nothing (as hydraulics have to be free of air or gases so the pressure of the pedal is moved to the brake caliper). It's happened to me once, and that was when I was nervously overusing my rear brake going down what seemed like a sheer wall in Norway, the disc was practically red hot. If you use the brake to the point where the disc gets that hot, you can generate enough heat to make the brake fluid boil.
This boiling happens much sooner with impure and water-laced brake fluid, and since brake fluid is hygroscopic (absorbs moisture from the atmosphere) that's almost unavoidable, so changing the brake fluid regularly is recommended.
However, you can still achieve temperatures high enough to make even clean brake fluid boil.
Personally, I think using sharp applications of braking for as brief periods as possible and then staying off the brakes entirely until they cool might make sense instead of long drawn out partial braking, and use the front brakes properly, there are two discs up ahead there to share the generated heat from the friction. The rear brake is just there to add the 10% extra braking, it's not your main brake.
The Rocket is heavy. When you need to slow down a moving mass, you transfer the energy in that movement into the brakes. When the object is heavy and moving quickly, it's a lot of energy, which will cause a lot of heat to get generated. It's easier to stop a feather-light supersport, and they still have giant brake discs. So I can definitely see why an overused rear brake can get hot.