With images, since they are arrays, line 1 (row 1) is at the top, and the line numbers get bigger as you go down the screen. This is the standard custom with images.
With a plot, since it's like regular Cartesian coordinates, where the "y" value increases as it goes up the screen.
The right/left are not flipped, just the up/down. You could use flipud(out) to flip the image vertically before displaying it if you want the plot and image to look similar.
imagesc(xbins, ybins, flipud(out));