It did happen to me upon similar situation.
I power cycled the second unit, with no changes to any voltage settings, and it came back up with all loops hashing. I'll keep an eye on it, and lower the voltages if/when the next time it decides to weird out on me.
TBH, I'm actually enjoying this troubleshooting Love how tweakable these Spondoolies rigs are.
Personally, I am troubled by the obviously burnt PCIe power connector. Pulling 250+ Watts through a single connector when running near full speed means that all the pins must be a tight fit, all the crimps to the pins must be solid, and the cables themselves should be at least 16AWG (IMHO). That applies at both the SP20 end, and the power supply end (assuming it's modular). If things are bit off, then you'll get heating that will just spread to the other wires and pins in the same connector.
I wouldn't ever try and pull more than about 200W through a single connector, on a long term (i.e. days) basis.That's just me though.
I would also encourage you to use the the "Power Limit" values for each of the loops. The SP20 seems to pretty well adhere to the limits you specify.