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.>
Had a similar issue (only blue lines without details rendering) when upgrading Xcode without restarting the Mac. Killing the simulator fixed it:
sudo killall -9 com.apple.CoreSimulator.CoreSimulatorService