The Monster Hunter: World update is live now, and it fixes an issue with players not getting the Celebration Item Pack. If you have been unable to claim or redeem the 5 Million Celebration Item Pack, this update should resolve that. Due to this problem, they have extended the Celebration Pack availability until February 22. Capcom also made some changes to the Light and Heavy Bowguns, increasing the power of some basic ammo while decreasing the power of the slicing ammo.
If you’ve been running into Squad issues on the PS4, update 1.05 should fix that, but it will also reset all of your Squad data. See below for more information on how the fix might affect you. Some other minor updates and changes fill out the rest of the patch notes.
Monster Hunter World Update 1.05 Patch Notes Squads (PlayStation 4)

Fixed an issue where the error message “Failed to retrieve squad information. Please wait and try again.” would appear and squad features would not be usable. However, as a result of this fix, players who were affected by this bug will have all of their squad data reset. Additionally, players in squads whose squad leaders have their data reset will also see any affiliated data disappear the next time they log in. We apologize sincerely for the inconvenience, and ask that you reform squads or reinvite players whose data are lost.
Fixed an issue where, rarely, uninvited non-squad members could join a Squad Online Session, or squad members could not join one of...