Explanation: This error can happen due to multiple things which include bad nvidia drivers, controller malfunction and just a wuwa problem
a. For Standalone/Epic Games Launcher
Tick the Launch with DirectX 11 option below the Start button
b. For Steam:
Right Click Wuthering Waves
Select Properties
Under Launch Options put -dx11
Try rolling back your Driver to 591.74. Link to download the Driver
Explaination: There are some issues with some controllers detecting as Nintendo Pro controllers which cause the game to crash. For now try removing the dongle when not in use and try launching the game again.
If it still happens, just wait on that screen and do nothing. It will eventually launch the game.
It should take about 10-15 mins roughly to start downloading patches/shader compilation and then launch the game