This bug happened to me twice in a one hour time frame.  The first time, it happened minutes after spawning a new map.  I jumped out of the water onto land and rose about 15 blocks into the air and could not go up or down.  Though I could walk around horizontally.

The second time it was in a world generated many versions ago.  I was launching into the air from water using trident w/ Riptide III enchantment.   I rose to what looked like max build height and was stuck there as before.  I could walk around but couldn't go up or down.

I saved the game, exited, and reloaded the map to find I was on the ground, dead; presumably from fall damage.

Both times I was playing on the Oculus Rift with touch controllers.

Update:  This happens roughly every 30 minutes.  Saving/exiting and reloading map temporarily fixes issue.  It also happens when exiting a boat on water.