ASUS recently released a new update to their "HAL Central" (hardware abstraction layer) and I think that is what "broke" iCUE. In short, I think the new HAL update is basically trying to control the RAM before iCUE can "take control" of it so iCUE throws an error. As soon I ran the "Armory Crate Uninstall" tool from ASUS to completely remove that software and it's services (the services are actually the important part in this instance), iCUE was able to control my RAM again.
The downside is I can no longer control the lighting on my motherboard but I'm sure a new update will get released from either ASUS or Corsair (or both) that will rectify the issue. The question is just what the update will be (BIOS, Software, HAL, etc) and when that will happen.
Also, just to be clear, I had Armory Crate running alongside iCUE for a little over a month (just built this system a little over a month ago) with no issues. As soon as the HAL update got released from ASUS is when I started seeing these problems. I also have EVGA's Precision X1 installed and that causes no issues.