> But the new connector is still only rated for 600W (if used within spec),
I think that's the problem right there: running the connection at its rated limit. It implies that a damaged or slightly out-of-spec connector could fail, as we see happened here.
Defensive engineering involves safety margins for safety-relevant specifications. Running a digital signal at the limits of its specification is one thing; data corruption is a detectable problem and not inherently unsafe. Running power connections at rated limits is something else entirely because the failure modes are physical damage, fire, and electrical arcing.
600W of power delivery is no joke, and I'd like to see that power carried over cabling and connectors with absolute maximum ratings much greater than that, say 1kW. Per the specs, it seems that each of the 12 current-carrying conductors in the connector runs about 9A. A dodgy connection that results in just 1-ohm of resistance would then represent 80W lost as heat at that point.
Frankly, I think that running 600W over a single 12V multi-core cable is insane. You're talking 50A of current, or about the same current rating as the largest typical home circuits for an electric kitchen appliance or car charger. In the home, that calls for thick structural cabling, but it appears (https://www.cable-sleeving.com/pcie5-12vhpwr-16pin-connector) that the in-case recommendations are to use 16AWG wire or even a touch thinner.