Patch 1.08 for Grand Theft Auto V landed on PlayStation 4 and Xbox One March 13, and it was supposed to improve stability and fix minor issues. However, it seems to have done more than that.
In a comparison video on Youtube made by ElAnalistaDeBits we're shown how the graphics appear to have been downgraded in order to improve the stability. Especially the colliding cars looks far less impressive after the game got patched.
Check out the video for yourself on Youtube.