This issue seems to be specifically limited to just the VR version and not on desktop. It seems to occur randomly over time on VR. The UI elements in the Main Menu on all tabs seem to have the same thing happening to them.

When the issue eventually occurs, it seems to keep persisting. Invite/Join/Leave requests also don't seem to go away once this issue occurs as well. The QM and Main Menu also experiences notable FPS drops periodically. Restarting VRChat seems to resolve the issues temporarily until it comes up again.

EDIT: Happens on Desktop mode as well. I posted some screenshots of the issue below.