I'm not associated with Bungie but... Do you have any overclocks (GPU and/or CPU)???
Also, what CPU, GPU, Motherboard & power supply do you have?
You said you reformatted, so I already assume you also got all the latest drivers by yourself.
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Tl;Dr: we're all screwed, it's on Bungo to fix. And you have it worse than most of us... Good and bad news. I'm 99% sure it isn't from you OR something you did or didn't do. I also can't help or give you anything to try that I can think of to help or test. I'm running a weaker CPU 6700k, same GPU & beefier power supply. There's no way it's the power supply/CPU/GPU, that would show in other games. (this game however dislikes overclocks with a passion, even factory overclocks... It's that bad!) There's no way it's drivers or corrupted game installation since you formatted. I sincerely doubt your components are overheating... Again it would show in other games. There's no point in telling you to disable nvidia shader caching or edit the CVARS... Again fresh install means 0 CVARS or caches... Plus you can't launch the damn game so none are created anyway. All I can do is share my misery with you, I can launch and play the game with 0 overclocks (other more demanding games don't give a damn) BUT if I'm on Europa It's guaranteed that my whole PC will suddenly crash, power off and go in a boot loop at any time. I was hoping to be an overclock issue and to cross reference with your problem but I've tried every fix under the sun, official and not... And the freaking thing just died on me 5min ago... AGAIN. But hey, if you find a magic fix before bungo gets to fix it in the next 6 months... I'd appreciate a reply if you'll remember me. Good luck..