This is an amazing bug trail! A lot has been done and @Timo, thanks for the 
work so far.
I have an update that might help.

I have 2 laptops, a ASUS and a Lenovo. They both had the issue.
I did a reinstall of Ubuntu 16.04 on the Lenovo keeping the home folder. First 
I had the "no launcher problem" again but after update and reboot it suddenly 
worked. The the ASUS laptop got the same issue. I have now 2 laptops one 
working and one not, with the same software but apparently different settings. 
I saw the status being set to "Fix released" and assumed that just 
update+upgrade would bring in the fix.


My versions are on both computers:

$uname -a
  4.4.0-116-generic

$apt policy libgl1-mesa-dri
libgl1-mesa-dri:
  Installed: 17.2.8-0ubuntu0~16.04.1
  Candidate: 17.2.8-0ubuntu0~16.04.1

$apt policy xserver-xorg-core
xserver-xorg-core:
  Installed: 2:1.18.4-0ubuntu0.7
  Candidate: 2:1.18.4-0ubuntu0.7


The not working laptop (ASUS) was switched from the NVIDIA driver to the
X.org X server just before the trouble started.

There is an odd way of bypassing this bug:

Go to the background image and right click and select: "Change Desktop image" 
You don't want to do this but select: "All Settings".
Select: "User accounts". Create a new user. In my case the guest user. 
(standard, non admin)

At least in my case I can use the newly created user WITHOUT ANY PROBLEMS.
The newly created user can see and use the launcher. In this way I can at least 
use the computer.
At least it is a temporary fix.

The I started looking for differences between my normal user and the new guest 
user.
It is possible to ctrl-alt to a different tty and log in as a different user.
Some config must different and make sense but hard to compare and I do not know 
where to look.
So far I only found that the .Xauthority file of both is different. The have 
the MIT-MAGIC-COOKIE setting with different settings. Removing the .Xauthority 
file will have the file recreated but does not help in fixing the problem.

Please let me know how I can compare both users and where to look.

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https://bugs.launchpad.net/bugs/1735594

Title:
  [regression] compiz crashes after Mesa upgrade

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