Before you reinitialized your PS4, you must have made changes to your screen bounds, because in your example that you are calling "normal", that is not where the emblem would normally be. Emblem should appear as it does in your second picture. If you want to adjust it back to the way it was, you can make changes in the Destiny settings for screen bounds. There is also an adjustment that you can make in the PlayStation menu to adjust the screen bounds.
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Thanks man! I adjusted the ps4 screen bounds and it does nothing. Dive into Destiny and things were sorted. 😃
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Yeah, the PS4 settings for screen bounds settings are only supported for certain games. Glad you got it sorted.