A power surge that makes it through the surge protector -and- the power supply could fry any voltage regualtor or chip in the machine.
[Drives, add-in cards, Video, anything]
A fried and shorted chip -anywhere- can keep the system down as it's effectively shorting a rail of the PSU [power supply] and the safety features in the PSU won't let it start with a ground.
I'll agree the mobo is most likely (most chips on it) but any of: a shorted floppy drive, optical drive, hard drive, video card, NIC, sound card, modem, anything that gets power .. could do this.
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That's why it should be striped down to a minimal system.