Bungie's official statement:
https://www.bungie.net/en/Forums/Post/230291336?sort=0&page=0
****PROBLEM SOLVED****
I don't know exactly what was in the Windows 7 updates, whether it was the .NET files or some of the other security updates, but 1 of them or a combo fixed the issue. Destiny 2 now runs with no problems. I don't believe it is a graphics card or driver issue.
If your updater does not work, meaning it won't start or get past 0%, I found a web page on Microsoft's forum that has the answer:
https://answers.microsoft.com/en-us/windows/wiki/windows_7-update/fix-windows-7-update-stuck-on-checking-for-updates/ad6cfeef-232a-49b4-a57b-39978eea6630?auth=1
****PROBLEM SOLVED****
I am seeing the same issue. Bummer.
Intel i5-2500K 3.3GHz
16 GB RAM
EVGA GeForce GTX 970
DirectX 11
Display panel 1920x1200
Windows 7 Pro 64-bit
**As stated on another post by Bungie to update or reinstall video drivers, I have reinstalled the latest NVIDIA drivers for my card, version 385.41. Same message remains, "Graphics failed to initialize".
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99%, the issue is Windows 7. Bungie really has to fix this, I personally like W10 but others prefer to stay on 7 and it's not acceptable that you're being forced to update.
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If you haven't found a solution yet, I was able to get it running by updating Windows 7 using the Windows Updater. I posted a link in my edited post if your updater does not run and grab the update files.