That is indeed very strange, especially if it worked before. I looked up the issue and found a couple suggestions:
-Are your drivers fully updated? Sounds like they can often be the source of this tomfoolery
-Have you tried redownloading/re-unzipping the folder? Maybe something got messed up in translation.
-Do you use anything called "Sweetfx"? That could be the source of the issue.
A completely unrelated post had this fix as a suggestion for Vampire: The Masquerade and a bunch of other games, but I have no idea how it'll handshake with our game:
1. go to your games folder (usually Program Files (x86)/steam/steamapps/common/Vampire The Masquerade - Bloodlines)
2. Locate dxgi.dll. (If it's not there, go to (C:)/windows/system32 and copy+paste it from there.)
3. Rename dxgi.dll to d3d11.dll in your game folder
If all else fails, A Place, Forbidden is also available on Steam, so you could try that version and see if it explodes. As you may have guessed, I'm not the brains of the code operation, so I'll check with my other team members as well.