No one has yet asked to check if the CPU is really powered with the intended voltage. This is the first thing to check.
The voltage can be wrong because SW reasons, but also for HW reasons.
I discovered, the hard way, that a not properly seated CPU can lead to a mismatch between the contacts that inform the MB what kind of voltage the CPU requires.
A coworker assembled a PC (a BX mobo + a legendary Celeron 300 Mendocino) then handed it to me for installing the OS and other SW. The machine was still open and after 1/2 hour i started to smell a strange odor, not the magic smoke odor, but still strange. Stupidly I touched the heatspreader, and i got burned, I mean not not just the feeling, the thing was REALLY hot, surely well above 100 degrees, I have still the mark on my finger almost 3 decades later.
Believe it or not the PC was still running perfectly, and AFAIK it's still alive and kicking in 2026, running for decades @504MHz (with the CPU properly seated, obviously), at 504MHz the thing was actually faster than the richer brother Pentium II that cost 5x the price of a Mendocino.
Back to the contacts... Some dirty contacts may lead to a similar scenario. (IIRC) the voltage selection contacts are located on the extreme side of the connector, so a little misalignment is amplified by the position.