This sounds like something that has killed me on a few occasions and annoyed me on several others. It seems like it is caused by double pressing the controller sticks somehow, and it tends to happen when I'm startled by something that is likely trying to kill me, so it's the worst possible time and it blocks enough of the view to make survival difficult. It might also disable some controls, but I don't remember for sure.

If I do survive, I don't know how I brought it up, so I don't know how to turn it off, so I have to exit the game and reload to get it to go away. I would love to be able to disable it, but if I can just hit F2, that's better than the alternative.