It appears Patch v3.5.2 has introduced a new bug which allows players to instantly consume shields and bandages, negating the usual application time.
Found by reddit user Tyl0o, you simply have to use the ‘Rock Paper Scissors’ emote and then crouch and use the item at the same time:
It was later found that the glitch can also be performed simply by crouching, as demonstrated in the clip below by Tfue over on Twitch:
Epic are currently working on this and it should be fixed in an upcoming patch:
As of right now, it is unknown whether using this glitch is against the rules, we’ll update this post if any additional information is released.