"Was this world converted from the pre 1.14 PS4 edition?" - in my case, it was.
I came here to report the same bug. The problem is that the treasure map doesn't line up with reality. The treasure map starts with a background that is supposed to show the terrain. As you move around in the area detailed by the map, it fills the map out. However, as the background is replaced by actual terrain, it's for completely different terrain! What was coastline is now grassland, etc. The red X leads you to a location where buried treasure is impossible. I have one map that takes me to the middle of a deep ocean. Another takes me to the middle of a village.
Please address this as soon as you can fit it in - it's an extremely annoying bug.