PUBG update version 1.69 was deployed today for the PS4 and Xbox One. This is a minor hotfix as seen with the patch notes.
There is a change to how the R-stick controls were implemented since the introduction of Update 11.2. The patch released today has enabled the inventory cursor again. While this is a minor update, you will still need to download and install it in order to gain access to the online multiplayer.
PUBG Update 1.69 Patch Notes
[Console] An update has been released to change the R-stick controls introduced with Update 11.2. Once the update is applied, the R-stick inventory cursor will be enabled again. No server downtime is required, however players will need to download the update.