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.>
Don't worry revert back to old xcode
To remove the blue lines,
First, select a view controller in the storyboard.
Then, go to Editor > Canvas > Show Bounds Rectangles
This will hide the blue lines.
You may have to repeat this 2 or 3 times to make it work.