Sony has finally rolled out a fix for the widespread queue issue that won't require a factory reset. According to the Ask PlayStation Twitter account, after downloading the latest system update, you need to boot the console into safe mode and rebuild the database to fix the problem.
To boot into safe mode, you need to completely turn off the console and then hold the power button for seven seconds until you hear two beeps. It isn't clear if this is the permanent fix to the issue, but it is undoubtedly a more straightforward remedy.
Source: IGN