I'd start from basics. meanwell psu's ive used should output voltage with no load. take the loom off and check 5v at the psu from min to max. set it to 5v reconnect the loom and test it at the socket. If its ok then check it with a pcb, raising the voltage at the psu if required back to 5v and rechecking at the pcb. if its losing excessive voltage through the loom then replace the power wiring. shit job but better than having a shit loom. I've encountered some fubar looms in my time.
dont use crap £10 ebay looms they have shitty power wiring, power wiring looks thick but its just thick plastic over inadequate wire.
Also one power/ground wire is fine if its thick enough and you solder it to multiple contacts at the connector. the mains plug only uses one wire per contact after all.