XPS 13 not starting

XPS 13 7390 Power Issue and Burning Smell
I'm experiencing a critical issue with my Dell XPS 13 7390 laptop. Initially, the laptop would unexpectedly shut down once daily, though it would power back on without issues. These shutdowns occurred even when the laptop was not warm.
More recently, the laptop became quite warm before shutting down and now fails to power on consistently. When I attempt to power it on, it briefly starts before immediately shutting down again. Concurrently, there is a distinct burning smell emanating from the CPU area.
Currently, the charging cable does not indicate that it's charging, but the CPU area still becomes warm when the power adapter is plugged in. Upon inspecting the laptop's interior, I've identified a square, metal component near the CPU that becomes exceptionally hot, and its plastic protective tape shows clear signs of heat damage. This component also warms up significantly when the power cable is connected.
I have attached images of the affected component for your reference. Any suggestions or diagnostic advice would be greatly appreciated.