We are having the same issue this morning. Every world we go into is glitching with us floating up and the bubbles show above the hotbar. Another user this morning said they noticed this after playing the free International Space Station where floating up is a feature to show zero gravity. We own that but haven’t played that in a couple months at least.
On Xbox One we logged in today and we are floating up in our worlds, can’t break blocks or control much. Only a little back/forth.
Someone else reported this happening as soon as the 1.16.2 update installed. I just checked with my son and the update did take place yesterday on ours.