When I updated to 1.16.100 and looked in my servers tab, every single server had around 1000 ping. Playing on the servers though, there were no issues. It played like the ping was normal. I'm assuming this is some visual bug, but I'm not sure. It also might be related to PS4 getting servers. Before updating to 1.16.100, my servers had normal ping - around 50.

UPDATE:
After I updated to 1.16.200 (the latest full release), all of the pings displayed went back to normal. Not sure what caused this.