Being able to reconnect to the same game you just got disconnected from in PlayerUnknown's Battlegrounds was a great thing that lasted only hours before the feature was pulled.
The new system was one of the surprise additions of the big monthly patch. After a series of server issues the likes of which the game had never seen before - and that's saying something, developer Bluehole disabled it.
The feature was reactivated earlier this morning, but the developer stressed that it's still in beta, so you may run into bugs.
The Reconnect feature is now back in the game. However, the feature is still incomplete and there might be bugs.
— PLAY BATTLEGROUNDS (@PUBATTLEGROUNDS) August 10, 2017
Ideally, you should be able to reconnect and find your loot and everything else intact, assuming you didn't get shot and looted. A number of games have similar features, but it's no doubt a very welcome addition to a game as intense and tactical as PUBG.
Hopefully nothing else will break this time. So far, since the release of the weekly patch earlier this morning and the reactivation of reconnect, everything seems to be going swimmingly.