I've seen this too. As of yesterday I am now seeing wifi with cellular on top of it. It seems to be specific to the status area (i.e. not affecting Settings). I see a recent change related to cc in ui/chromeos/network, and one about GL that may be related?
+vmpstr@, +danakj@, +oshima@

Can you bisect?

Note that we haven't made any changes to the system menu or icons for material design yet, so this regression is unrelated to MD.

warx@, can you run bisect?

I cannot see it on desktop build during bisect and device build on link (52.0.2739.0).
I don't see there is a version 52.0.2735.0 on goldeneye. Any more information I should know to find the bad version?

can you run bisect on device using simple chrome?

cannot see the bad version on 53.0.2746.0
Platform 8370.0.0 dev-channel link test, device dependent?

The following revision refers to this bug:
  https://chromium.googlesource.com/chromium/src.git/+/07b5fad29dd278dee342363c7562bcec1fd729de

commit 07b5fad29dd278dee342363c7562bcec1fd729de
Author: oshima <oshima@chromium.org>
Date: Fri May 27 00:09:18 2016

Use initialized canvas to create network icons.

Remove rarely used ctor.

BUG= 611616 

Review-Url: https://codereview.chromium.org/2016833002
Cr-Commit-Position: refs/heads/master@{#396326}

[modify] https://crrev.com/07b5fad29dd278dee342363c7562bcec1fd729de/ui/chromeos/network/network_icon.cc
[modify] https://crrev.com/07b5fad29dd278dee342363c7562bcec1fd729de/ui/gfx/canvas.cc
[modify] https://crrev.com/07b5fad29dd278dee342363c7562bcec1fd729de/ui/gfx/canvas.h

So the issue was that network_icon.cc was using uninitialized canvas to generated icons. It was working, probably because skia used to initialize the canvas buffer with 0, but that probably has changed recently.

Your change meets the bar and is auto-approved for M52 (branch: 2743)

The following revision refers to this bug:
  https://chromium.googlesource.com/chromium/src.git/+/64bf7b0d391ee2670c5239dfb9ac867d180fed05

commit 64bf7b0d391ee2670c5239dfb9ac867d180fed05
Author: Mitsuru Oshima <oshima@chromium.org>
Date: Fri May 27 23:25:07 2016

Use initialized canvas to create network icons.

Remove rarely used ctor.

BUG= 611616 

Review-Url: https://codereview.chromium.org/2016833002
Cr-Commit-Position: refs/heads/master@{#396326}
(cherry picked from commit 07b5fad29dd278dee342363c7562bcec1fd729de)

Review URL: https://codereview.chromium.org/2015083004 .

Cr-Commit-Position: refs/branch-heads/2743@{#113}
Cr-Branched-From: 2b3ae3b8090361f8af5a611712fc1a5ab2de53cb-refs/heads/master@{#394939}

[modify] https://crrev.com/64bf7b0d391ee2670c5239dfb9ac867d180fed05/ui/chromeos/network/network_icon.cc
[modify] https://crrev.com/64bf7b0d391ee2670c5239dfb9ac867d180fed05/ui/gfx/canvas.cc
[modify] https://crrev.com/64bf7b0d391ee2670c5239dfb9ac867d180fed05/ui/gfx/canvas.h

Samus 8350.21.0