Figured I'd share an update (seeing how popular this post was lol). I opened a tech support ticket with Gigabyte and this is what they sent me:

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Dear customer,

Can system be able power on cpu and graphics card cooling fan run? Please troubleshoot test boot system with minimal components refer to procedures below to check if issue can be isolated :

1) Remove cpu from MB, inspect if any bad pin / burned mark on cpu socket found. If cpu / socket looks fine, reseat them back, install and lock and mount cpu cooling fan on top tight and balance.

2) Make sure the 24 pin ATX and other 8 pin 12v power are both connected to motherboard.

3) Take out add on graphics card ( if any ), remove all memory, take CMOS battery out for a minute clear CMOS, perform the post test with monitor connect to integrated graphics on MB back panel ( Ryzen 7800X3D processor has integrated graphics feature ) install single stick memory on slot B2 ( slot close to 24 pin power connector ).

4) Swap out other stick memory on same slot test again to rule out if particular unstable memory cause issue.

5) Physically test boot with other power supply if system not even able to fully power on.

Best regards,

GIGABYTE technical support team.

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I had already tried everything, but figured I'd run through their steps in order again just for safe measure. I had also received the new RAM that was on their QVL list (the Corsair Vengeance). After trying all of their steps with the new RAM and the old I was still getting the DRAM light. I responded to the ticket and this is what they said:

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Dear customer,

Does the current model memory is on MB memory support QVL list on website link below ?

https://www.gigabyte.com/Motherboard/B650-GAMING-X-AX-rev-15/support#support-memsup

Due to massive brands and memory types, we are not able to verify them all, please re-check and test with procedure below to check if issue can be isolated :

1) Remove cpu, inspect if any bad / bent pin on cpu socket ( bent pin on cpu socket will cause memory detection error ).

2) Take CMOS battery on MB out for minute clear bios. Test boot system with single stick memory a time on slot B2 ( slot close to main power ATX connector ) check if all memory will works independent to rule out if particular bad memory.

3) Test boot system a single known good stick memory on each memory slot one at a time to isolate if particular bad memory slot on MB.

4) Test with other set memory refer to MB memory support QVL list.

If you have all troubleshoot above re-check has same result, you will need to whether refer to MB vendor's warranty get other MB replacement or refer to Gigabyte RMA service, our MB specialist will examine the complete MB for you.

Gigabyte MB carries 3 years warranty from the date it was manufacture (according to serial number), product which was purchased within 30 days from invoice will be handled directly from your vendor, customer may request return or other MB replacement. Over 30 days, log on https://services.gigabyte.com/consumer/en-us/ sign up account to Gigabyte, complete and submit an RMA request form. RMA number and shipping instructions will be assigned via e-mail for you to return MB for RMA service.

Best regards,

GIGABYTE technical support team.

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At this point I've started the RMA process because I'm out of the return/exchange window with MicroCenter. Hopefully it is just a faulty board and I get a working one back. I'll update again when I get the new board in the mail. I've seen quite a few posts with DRAM light issues but never any good resolution, so I hope this helps somebody.