Yes, power light doesn't turn on. PSU 5V output at fault?
If the power light on the A590 is on then no, that PSU is probably fine.
If not, could a short occur on the A590-side? Capacitor that turns short instead of open?
Possibly, yes. It's going to be a tricky one to diagnose if the A500 doesn't power on at all. You can also try plugging the A590 in with the top cover & shield removed, turn on the power to the A590 & A500, and check to see if any of the chips are getting hot.