YES! I THOUGHT IT WAS A VIRUS!
I had this same exact issue which was looking like totally corrupted OS. When i clicked on SVP Tray icon and moved a cursor over context menu it didn't react. I had manually click on any submenu (like Threads, Profiles) so it would be glown with blue color and even when I clicked again to actually open any submenu or even to close SVP manager it did not react!
After I uninstalled SVP and reinstalled again it became even worse because now settings were resetted and I couldn't change them! Couldn't even turn of OSD messaging, nothing!
I had Windows 7. I reverted Reserved Backup by Acronis and all is great now. I was 100% sure that it was some kind of virus/bugged update which corrupted my OS. I uninstalled all updates till January but that didn't solve the problem.
On a side note. All who are affected. Do you have another strange symptoms? Lets say you launch video player and then double click on any shortcut on desktop (like My Computer) does it launch or you have to click 3 times ahead?
Note: this may be totally unconnected with the issue with SVP tray icon OR may be another symptom of virus/bugged update.
I have Punto Switcher and I never had problems on Windows 7 with it but I had those with Win8 and above. And suddenly I got the same problem on Windows 7! Had to close PS so would OS would correctly react on clicks so that's why I thought it could be some Windows update which brought something from Windows 8 and resulted in other bugs like SVP tray icon bug.
P.S. I install all updates again to see i that screws up SVP tray icon again.
P.P.S. We could write a list of all installed programs. Perhaps one of them is interfering.
P.P.P.S. After installing all Important updates I don't see this bug.