Hello @desmbr
indeed, that doesn't look good. I wonder if maybe the internal battery is defective preventing the power rails from reaching the proper voltages.
Edit: first, however I would unplug the hat and maybe try a different USB power supply.
If you still have warranty, I suggest you ask for a replacement.
If not, you might try to open it and disconnect the battery to see if that helps. These pictures I took a while ago might be helpful opening M5CoreInk.
Thanks
Felix