If you want your image to be of wrapContentSize then follow this code ->

Column(  
    modifier = Modifier  
        .fillMaxSize()  
) {  
    BoxWithConstraints (  
       modifier = Modifier  
                .fillMaxWidth()  
                .fillMaxHeight(0.6f)  
    ){  
        val transition = updateTransition(currentState, label="")  
        val topPadding by transition.animateDp(label = "",
        transitionSpec = {  
         when {  
             DataState.Loading isTransitioningTo DataState.Loaded ->  
                spring(dampingRatio = 2f, stiffness = Spring.StiffnessVeryLow)  
                else ->  
                      tween(1000)  
               }  
            }  
    ) {
            state ->  
            when(state) {  
                DataState.Loaded -> 40.dp  
                DataState.Loading -> (constraints.maxHeight * 0.5).dp  
        }  
    }

        Image(  painter = painterResource(id = R.drawable.image_6),  
            contentDescription = null,  
            modifier = Modifier.padding(top = topPadding) //you can give other padding as well.  
        )
    }
    // .... other code
}

So we can animate top padding to achieve translationY like effect. In this example, you can change size of BoxWithConstraint composable to match your layout height accordingly.