Yup, seems the camera has shifted to an unattractive view for this particular loading screen.
I don’t have to do anything to reproduce this, happens consistently every load for me, not sure what caused it initially though.
Edit: Well go figure, forgot I had the experimental coop commands still in my startup options (not sure what sv_cheats/deathmatch/and sv_lan could do to cause this) but none the less, i removed the startup options and the menu is fine.