Note: This typically happens for AMD GPU users. I have not seen Nvidia users report this. I sometimes see this bug even in Buur's excellent videos and it makes me weep inside.

This has been logged before multiple times in the issue tracker but it keeps getting expired, I give up. Just get JIRA guys.

BUGGED

Oversaturated weirdness, flying close to surface also has weird ground texture flashing/velvetting

Even the system map shows it.

After restart steam and the game, check again…

TEMPORARILY FIXED

This 'fix' will stick for the entire game session, i.e. jumping to a new system it will not be bugged again. But next day/session, the same restart/check procedure may need to be followed. I usually use the on foot tutorial distant mountain textures as a quick check before even beginning to play the main game.

That's far better – and flying on the surface is much more realistic

And the system map is more accurate too