When the black screen appears and volume up + power is pressed a stock android power menu appears so I think this bootloop has something to do with the system UI not starting correctly
Safe Mode booted up but only to a background image and nothing else. Power button doesn't turn the display off. And after a few seconds another bootloop even in safe mode.
Uninstall updates for Google Play Store and Google Play Services, restart your device, wait until you can add card to Google Wallet and restart again. This worked for me.
Okay, so update. I uninstalled updates from Google Play Store and Google Play Services, let them reinstall the updates and rebooted. Now it works. My guess is that Google may have pushed a bad update.