I'm so glad other people are able to replicate the same issue I'm having. It pretty much serves as solid evidence that they fiddled with the wrong stuff in the last patch, and if we can get this elevated somehow, serves to reason they can revert it sooner rather than later. 

It is nowhere near as subtle as the other issues on show, this is a GLARING bug, impossible to miss if you're experiencing it.

Well not exactly true, the bug that has been persisting for some time not only doesn't render distance trees on terrain (though that is the most common/obvious complaint), but also would not render terrain properly (at all) either; it would continue to be blobby/blocky even when quite close to it. Whatever changed recently certainly exaserbated the problem though, there is no doubting that.

At the end of the day though it's not overly important I guess, I just hope PA will soon look seriously at this matter and fix it. 

Thanks for reminding. Added that to the OP as well. 
There are so many screw ups in the distant LOD at this point, it's getting hard to keep track. :P

This problem coincides with the moment when I began to see the dxgi_error_device_removed problem, so it may have something to do with the modification of a graphic element within the game.

After recovering from this problem and returning to the game, usually the mesh in the distance appears distorted, or does not display all the content.

As far as I know the “dxgi_error_device_removed” error usually happens when a graphics card isn't able to run on one's computer properly. The computer momentarily loses contact with the graphics card therefore the error. Often there is something wrong with the PCI-slot (e.g. graphics card not put in correctly, PCI-slot damaged), not enough Power for the card, a problem card's RAM or with the RAM units plugged into the mainboard. 
I have not experienced it yet when it comes to BDO. 

Does it only happen with BDO for you?

Only in BDO, and since 4-5 months.
The curious about that is after the recovery, LOD seems like a mess, all seems rendered in low mode at the background and some parts of the costumes does not appear at all.
Larger structures in the background like Cron Castle or Calpheon seems levitating over an empty space.

I thought it was my graphics card or CPU going bad... I'm glad that is not the case as it (LOD issue) has been especially bad lately.

That's awful, Blue. 
I'd bombard them with error logs every day if I was in your shoes.

___________________________

Reminder reminder:

what are the graphics going to loook like after they ad this on Wed.

● The AMD FidelityFx Super Resolution (FSR) feature will be added to Black Desert.

Strap into your seatbelts and kiss Cron Castle goodbye. :^)