Thanks ScooterG. Maybe painting the middle finger of my left glove day-glo orange for increased visibility had something to do with the bad karma.
I stopped by the dealer today to update them on the issue. I also made an appointment to drop off the bike at the dealer Monday to have issue looked at and hopefully resolved with a tank replacement under warranty without hassle. I don't see how it could be repaired since there is a crease in the sheet metal that may break if straightened.
I tried to get some level of assurance that this would be taken care of under warranty but they said they would have to take the tank off and find the cause before calling Yamaha to obtain coverage permission which I can understand. I'm concerned about possibly being blamed for this since I've been the only one under the tank (pinched vent hose upon reassembly?). This occurred with ~7900 miles on the bike with the tank last lifted at 4100 miles to perform a TBS. A pinched vent hose or other improperly re-assembled item should have caused the tank to collapse much earlier.
My theory is that the when the orange rubber "check valve" (I'm assuming that's what it's called) came out of its channel for reasons still only theorized, it blocked the tiny breather hole on the underside of the gas cap causing negative pressure to further build in the tank as the fuel level decreased resulting in the tank's collapse.
I've looked at the routing diagram for the tank hoses (page 2-56 of the shop manual) and found that the line the check valve is connect to routes to the canister (I have a Kalifornia model) and is noted as the "canister charge hose". I wonder if this line functions to equalize both positive and negative tank pressure. It has to be since the only other lines are the fuel pump out, fuel return, and tank overflow. I placed a short length of tubing against the valve and blew and then sucked. Nothing. The line to the canister is not pinched.
I do not know if this normal. Perhaps airflow in an out of the canister is very limited by design. If not normal, this may explain why the valve came out if its channel: as the tank's vacuum increased, the valve collapsed pulling it from its channel causing it to block the breather hole. This is the second time the valve has come out of its channel. Perhaps the first time the valve came out its channel due to excessive vacuum but did not block the breather hole instead exposing it to the outside and equalizing the pressure.
In the case of over pressure, due to whatever failure, the valve looks as if it might “fart” releasing some pressure as it only rests flush against the breather hole and has no channel. Only theory, with holes created by your experience. Do other Yamaha's use this same check valve?