In PS4 Safe Mode there are two options for "Initialize PS4": "6. Initialize PS4" and "7. Initialize PS4 (Reinstall System Software").
The one I'm referring to is number 6, which apparently deletes user data/settings etc but keeps partition sizes (without need for firmware on USB).
The only...
For those interested, the original OP posted his conclusion in another thread:
Bumping this since I solved a very similar issue inspired by the conversation above.
This is a lengthy post but since I'm unsure what steps fixed it I include pretty much everything, hoping it'll be helpful for...