This is happening on our xbox one realm. I have multiple water elevators, some are 2x2 and others are just a 1 column but all of them show just the bubbles animation. The water color behind glass in the bubble columns are gone but the elevator works functionally.

In the attached photo, there is an invisible section on the left of the bubble elevator with glass panes in front of it and on the left it looks like it replicated the edge of a pumpkin for each water source in the elevator.