One place I've seen this happen is if the PSD scratch system runs out of disk space (it can need a surprising amount of space) while trying to render, but I wouldn't expect a re-import to resolve that.
There's an option to expose more detailed console logging of the error that occurred. I can send you some instructions for how to enable that. Maybe it'll provide some clues.
Forgot to follow-up on this post. Based on some additional info gathered, this definitely seemed to have been an out of disk space error due to Photoshop being hungry for scratch disk space.
In particular, for others who might happen across this post, the way to recognize that is that you'll also probably see this error: Photoshop File error -25010 (also, yes, that error message should be more obvious, I'll file that internally)