I installed Xcode 8.1 and the storyboard shows only blue lines, for all UI elements. If someone has figured it out let me know. I am unable to revert it to even Xcode 8.0.>
I had a similar problem in XCode 11, in my case even the view controllers was completely black. The problem was a Custom Class assigned to an UIButton. After a while i deleted the class because i didn't need it anymore, but the Button still had the class assigned.
Open the particular storyboard file, delete the assignment in Identity Inspector, restart Xcode. This fixed it for me.