I've heard that getting downed, and then reviving also clears this bug... which isn't a fix, but a workaround.

Additionally, I have a white dashed circle just below my crosshair with a translucent grey background in the middle of it. It looks like a bombing reticle. It's part of the same system. I tracked it down to one of the first two functions in: .\config\ui\hudShared\shared.hpp I didn't have time to go through it with a fine tooth comb, but when I comment out any of the first two functions, it just breaks the game (as expected).