To address bearing-sliding damage in highway bridges during seismic events, the Unbonded Steel-mesh-reinforced Rubber Bearing (USRB) was developed. This novel bearing employs flexible, high-strength steel wire meshes as reinforcement, enhancing lateral deformation capacity and reducing bearing-sliding risk. Recent seismic specifications increased the bearings' vertical design load to 30 MPa, where existing bearings with flexible reinforcements (e.g., fiber-reinforced bearings) fail to meet this standard. Hence, for the first time, our study thoroughly investigated the ultimate compression capacity of USRBs and the key factors influencing the capacity. Through ultimate compression tests on full-scale prototypes, we demonstrated that USRBs can comply with heightened seismic requirements, with primary failure attributed to the tensile failure of the steel mesh reinforcement. These tests were complemented by 3D finite element modeling in ANSYS, employing the LINK180 elements for mesh reinforcement and defining the ultimate capacity as the point at which reinforcement stress reached tensile strength. This particular modeling approach, validated against experimental data, can accurately predict the ultimate compression capacity and the force-deformation response of USRBs. A comprehensive parametric analysis, using the validated modeling approach and an advanced statistical method LHS-PRCC, was conducted to identify the key factors influencing the compressive capacity, including bearing geometric parameters (i.e., bearing width, the second shape factor, and rubber layer thickness), steel-mesh configuration characteristics, and steel-mesh material properties. Our findings emphasize the significance of rubber layer thickness, steel mesh weight, and steel wire tensile strength and strain in influencing the USRBs' ultimate compression capacity. Based on these key factors, an empirical equation for the ultimate compression capacity of USRBs was established to guide the optimization design of USRBs. This study not only fills the gap in USRB's performance under extensive compression but also provides a foundation for future optimization of these bearings to enhance their performance in bridge engineering.