Actually, this problem does happen a bit but there is a semi-cheap solution. Go out and buy a new HDD for it. They really aren't that expensive.
http://www.newegg.com/Product/Produc...82E16822136769 Off of Newegg.com. That is the first hard drive I seen, costs less then Sony to look at it and is probably a lot larger then what you had in it. You simply remove the old one, place the new on in there and let it format. The system will do the rest. The downside is that you lost all your save data and probably your trophies if you haven't updated it in a while.
That.. or you can wait till the next patch hits. Sometimes the patches will corrupt a hard drive, specially on an older model PS3. They do put in fixes for them, you'd just have to give it a bit to come out. But a good way to start the ball rolling is to actually talk to Sony about the issue. You might need to call them or shoot them an email through customer service. It would do a lot better then replying here.