Start by measuring the resistance to ground on PP3V3_S5. PP5V_S4/
Your initial decision to replace U7501 seems reasonable. Since EN is present, it confirms that SMC is alive and has allowed the power-up sequence, which is a good sign.
However, there may still be a short or abnormal load downstream of the PMIC. The rather abrupt reaction after the replacement suggests that U7501 could be shutting itself down due to protection mechanisms, such as OCP or OVP, rather than a control or firmware issue.
Edit Ai:
In Apple boards, standby lines like PP3V3_G3H are always live, but 5 V rails tend to be more vulnerable to shorts from I/O, USB, or other peripherals. Check these rails carefully before concluding that U7501 is faulty.