I don't know what that chip does for sure, but I'm guessing that it might control RBG lighting on the board. Did you connect to any of the RGB headers with the wrong type of light strip? They operate at different voltages. Regardless, it's certainly not a happy chip.
If not, then I guess you've been unlucky. You'll need to contact Asus in your country and request a replacement board.
Z690 Hero, 12900K, BIOS 4001, MEI 2433.6.3.0, ME Firmware 16.1.35.2557, 7000X Case, RM1000x PSU, ASUS TUF OC 3090TI, 2 x 16GB Corsair RAM @ 5200MHz, Windows 11 Pro 23H2, Corsair H150i Elite AIO, 4x Corsair RGB fans, 3x M.2 NVME drives, 2x SATA SSDs, 2x SATA HDs.
