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IBM PC XT hard drive initializes twice, then boots to BASIC

That would not be uncommon; witness the LCD displays that got binned in the 2000s because the capacitors in the inverter board had belched their innards. Or the number of microwave ovens that are dumped because a $1 thermal overload module has failed. The list would be very long indeed.
 
Yes, you're right. That's how I got an almost free 40" flatscreen HD TV in 2013. Someone gave it to me because it didn't work at all, so I bought a used power (inverter?) board online for $80 including shipping, replaced the board in the TV and low and behold, perfect TV. Sold it for $150 when I moved in 2018.
 
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