+5VSB/+5V is selcted on another trace and that actually works (on the VSB/5V pin header I have continiuty with +5VSB pin and ATX).
I checked a little more and:
the dead SOT23 Drain connects to another sot23 that supplies Vcc to RT8105 (
https://pdf1.alldatasheet.com/datasheet-pdf/view/1131962/RICHTEK/RT8105.html).
That component is responsible for BOOT and SOFTSTART.
My guess is that the blown SOT23 gives Vcc necessary to turn on the m/b, without it's dead.
The other two components the big mosfet connects to (red line on pics) are:
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https://pdf1.alldatasheet.com/datasheet-pdf/view/21744/STMICROELECTRONICS/74ACT08.html (data I/O)
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https://html.alldatasheet.com/html-pdf/218263/stmicroelectronics/st75185c/1945/1/st75185c.html (UART to SR-232)
These two, if not powered, maybe just won't allow communication from serial and or other I/O on the back of the board.
With a dedicated graphics card it should display something nonetheless.
Thanks for all the data, it's difficult to repair something if you don't know all that is around it.
Bottom line:
the +5VSB actually powers the soft-on power-on of the motherboard via the SOT23.
the +5V is the Gate allowing +5VSB to go to RT8105 and allow power-on ----> like a "power from ATX plugged, ready to power-on on demand"
Don't know what this circuit is but I have no other explanation.