…and more probable than either of those is that something happened to the PSU, or between it and the drives.
You can’t update the BIOS through the IPMI web interface without a license key–you can still go old-school by putting the new file on a USB stick and use either FreeDOS or the UEFI shell to flash.
Or, from here:
It appears you can generate your own license key by running echo -n 'enter-your-bmc-mac-address-here' | xxd -r -p | openssl dgst -sha1 -mac HMAC -macopt hexkey:8544E3B47ECA58F9583043F8 | awk '{print $2}' | cut -c 1-24