Watch some of this guys videos: https://www.youtube.com/c/adamantcomputers/videos
Usually he sees corrupted BIOS. I would start investigating there, if you can see no physical damage to the board.
Check if it supports USB reflashing.
I assume you put a working CPU in it?
It does support USB flashing (Asus calls the feature "USB Bios Flashback"), however, I'm not suspecting the BIOS to be an issue at the moment.
I don't have any Ryzen CPUs on hand, and I'm beginning to believe that's the reason why the mainboard doesn't start at all. I've seen mainboards with chipset X570 reported to refuse to even power on without a CPU installed. This Asus mainboard may be one of these boards. When the power supply is turned on there is a "CPU status" led which immediately lights up on the mainboard, this may be a clue that a CPU is actually required for the mainboard to start.
I did investigate deeper the super io chip and i haven't found anything wrong with it up to now. It turns out the super io chip is expecting some signals from the PCH before it turns on the power supply, and these signals from PCH are missing at the super io chip. The next step was to have a closer look at the PCH. At first glance I thought the PCH core is shorted (its resistance was less than 1 ohm which at first I thought it's too low). But supplying the PCH with a current limited external power supply showed the PCH doesn't trip the current limit and it doesn't get warm (I tested with 1v, the PCH takes 2.5a, doesn't trip the current limit on the external power supply).
For the moment I put the repair on hold while I look for a Ryzen CPU which is supported on this mainboard.
Thank you for the hints guys !