Cyberpunk 2077: What Happened?

Cyberpunk 2077 has widespread glitches, bugs, and other technical issues particularly on base PS4 and Xbox One consoles. CD Projekt Red has publicly apologized. What happened?
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Sources:

(viewer submitted clips)

motorcycle glitch: https://www.youtube.com/watch?v=yfpEy_koAlQ&feature=youtu.be&ab_channel=alexGibson

https://youtu.be/q4c0whUQM0U