Ok, so new power supply came in and the same issue is present.
I noticed at times I could leave it sit perfectly still on my desk, and it would stay with the display on. After a few moments the display would go to sleep as it should. I’d gently tap it and the screens would wake up. It worked this way for hours. I could turn on SteamVR and it’d stay in the white default steam background and would seem to last a long time. As soon as a launch a game, such as Elite Dangerous, the displays will shutdown with 30-60 seconds and the LED turns red. Diagnostics in PiTool indicate that everything is fine and connected. Reviewing the logs it does report an error so hopefully the Pimax support team will review them and get back to me on my support ticket. Going on 2 days and no word yet at all. I’m losing optimism that it’s the cable and not something internal to the unit. Sometimes when it goes out it flicks on and off, and when it’s behaving that way I get white sparkles like what I’ve seen others describe, and what I believe was rectified with just a new cable.