At the top of the white button ( inside the casing) is a piece of bent metal ( a cap?) that is picked up by a sensor on the pcb. If this metal cap is missing or loose, it may not be “seen” by the sensor. It might be worth checking the sensor surface is clear too.
Your M revision ISS has all the electronics permenantly wired together and cannot be changed independently. Sounds to me like some component has failed and if that’s the case, you have 2 choices. New ISS or new internal electronics kit.
Davis will only want to sell you a new ISS, I don’t believe they have any stock of the M revision kits.