Pink Screen on Startup of Apple TV 4K

We have an Apple TV 4K and a Vizio P65-C1. They are connected via HDMI. About ⅓ of the time we turn on the TV we find the welcome screen not the Apple TV has a pink/purple tint to it. This can be fixed by unplugging/plugging the HDMI cable back in or restarting the Apple TV. It is quite annoying.

I recently tried purchasing a highly rated 4K HDMI cable at the suggestion of Apple to see if that would help (although I was using the Vizio HDMI cable that came with it so I would hope it was 4K capable). This did not help.

I have tried different inputs on the TV, this does not help.

I called Vizio and they said it is a known Apple issue that Apple is working on. I believe this since when I search it seems the pink screen is a common issue for Apple TV's. The posts go back to 2010! Which is quite frustrating as it means this is an issue that has been around that long without being fixed and the AppleTV is not a cheap product.

I am always hesitant to factory reset the devices since that is the first thing suggested by CS but it is a huge pain to set everything back up.

We have a non-4K AppleTV that we have on an HD TV. To test we switched the two (so 4K Apple TV on HD TV and HD AppleTV on 4K TV). There were no issues at all when they were switched. It is related to the 4K communication.