Its an Asus B150-M it's an older board I use for a mini budget server I built several years ago (DDR3, i5 7500, 6 HDD's) following this (https://blog.briancmoses.com/2017/12/diy-nas-econonas-2017.html)
The board in my estimation would have lower tollerances that the z270-a which is maybe more refined.
My first RMA of the hx1200i following the original failure had a 12v rail that was fluctuating down to 11.3v. I booted the B150-M with it and got voltage surge warnings and when in the bios the voltage figure I was watching was literally jumping around. I presumed that was why the Z270-a would not boot (I still think a fluctuating 12v rail on a higher end PSU out the box is a fault)
My second RMA is the one we are discussing. The rails seem stable (better) but something is off on iether the PSU or the Z270-a. It could be a subtle as a tolerance and I think the B150-M would have lower tollerances being an older more basic board. I presume that's why I can boot that one but not the z270-a.