Hi,
What field do the material tags get their data from? Is this left to the default?
What I would do to figure this out is check what the tag is trying to show (what parameter of the material) and then compare the material libraries between 2016 and 2017.1 in case something is different especially if you are using the out of the box materials there might be something that is different with the 2017.1 installation.
Could you get screenshots of the materials in both versions to compare?