I think I found the problem.
There is a wirewound power resistor, marked 0.25 ohm. It looks like a 25W tubular ceramic. I'm pretty sure it's the output current sense resistor.
I measured it with a 4-wire meter, and it measured 24 ohms. I removed it from the unit, and then it measured 26 ohms. Then I applied some power to it, and it seems to have changed to 0.5 ohms. Freaky.
There is no physical damage that I can see. I wouldn't think such a failure would be common. It doesn't run hot.
I couldn't find one exactly like that, but I found a different style on Digi-Key, and it's on order. We'll see how it goes.