Chosen Solution

I opened it up to check on the clock capacitor and got scared that the capacitors on the power supply had leaked out and was somehow still working.

Xbox Power Board Replacement Every replacement power supply I found and the one in this guide also had it though. Is it just bonding?

@alexanderson that is some silicone based “goop” that keeps the components in places, isolated from the other components and stops them from vibrating. PITA to remove it. Most of the time I use a heatgun and a dental pick. No fun and messy but normal stuff.