Textures and Materials Displaying Black in Content Browser and on Meshes (UE 5.5.1)

I can assume you just switched the project from version 5.x to version 5.5? Or did you use a ready template from older versions and switch it? I did the same thing and got exactly the same problems, in almost all packs.

Try create a clean, empty 5.5 project from scratch and migrate/copy all the content you need. That should solve the problem.