No idea. May have been the effect not playing nice with the new lighting stuff, may just be an unintended side effect for something seemingly unrelated. I hope that it gets fixed (or added back in or whatever), but the only ones who know if that is in the cards are devs.
I can hope though 
Damn, I didnāt even remember this effect anymore ^^
I donāt think itās a bug, though. Because it doesnāt seem to be just missing, I still see a change in the characterās skin tone and reflections. It just isnāt this intense.
Iād say it had to do with the upscale in definition and lighting/texturing changes the game went through. Possibly, with the new lighting and at the definition the game is running now, it might compromise the fluidity of the game engine? Just guessing, though. But if thatās case, Iām fine as is. While it is a nice visual effect, performance over visuals any time of the year in fighters, IMO.