I'm in the same boat.
Totally out of the blue, no warning of issues last time I played a game. All worked fine. Even assumed I was all up to date with updates as used a lot last week with my son.
tried tonight and stuck in the same loop as you.
Can download and go through the install process via safe mode, then back to the can't start page.
Tried twice, so annoying! Almost wish I'd never changed from my PS3 now after having problems wi my uncharted special edition ps4 and now this replacement black 1tb.....
Grrr..... Not how I wanted to start my rest days chasing PlayStation or the helpline people!!! (Not that they're open at this time of night!)