I don't think this bug has ever been addressed as fixable.
It nearly always happens when you use the 'next target' view and then the target you're looking at gets destroyed or even (in some cases) moves out of visual range and you are still watching it.
The most annoying thing with this bug is (as mentioned) that it can only be corrected by reloading your game.
The worst effect of this bug I have experienced is when the camera just 'races' up & down at an angle from the ocean floor to the limit of the sky.
We have to live with it, just save & reload.
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