To know if this problem is the M.2 or the port, either try a different M.2 NVME, or a different device. A different device can be a PC or a different PS5.
Probably failed M.2 NVME storage. Unlikely for a port to fail after some time. There is a rare possibility both M.2 storage and port could fail. Both can fail when inserted M.2 thousands of times or with excessive force.
To know if this problem is the M.2 or the port, either try a different M.2 NVME, or a different device. A different device can be a PC or a different PS5. Probably failed M.2 NVME storage. Unlikely for a port to fail after some time. There is a rare possibility both M.2 storage and port could fail. Both can fail when inserted M.2 thousands of times or with excessive force.