Note - This is also happening to my friends on Xbox, on the same version

Randomly, all Entities (Players, mobs, etc) turn a solid pink colour (They keep their model shape). This is happening to me when I'm on the Hive randomly after games and such but apparently it has appeared on my friends Minecraft Menu Screen as well. The GUI (Hotbar, health bar, hunger bar, etc) will also turn into a pink bar.