The ethernet port on your PS5 can catch fire from lightning.

As a result of last night's lightning strike on my apartment building, something connected to the internet blew apart, and as a result, our internet has been out and my PS5 won't switch on. That was the sole device attached to the router, off, and connected to a surge protector. The cost of a brand-new PS5 is my insurance deductible, and it was past its warranty period. Simply going to have to take the $250 hit to get things fixed. Knowledge gained!