Yes, using I/O as on/off, especially on power switches, for sure predates PlayStations.

based only on my memory, when computers started to get small enough to have power switches that I had access to, the power toggle switches were marked with 0 and 1, and no other appliances had that, so it was basically engineers of digital devices marking things with some combination of obvious logic and humor.

the on-off-merged-in-one-pushbutton 0 with a 1 at 12 oclock (in the circle of the 0) came later, I assume out of Europe (Asia?), because suddenly all at once everything had them, mid 90s I think. That was also the beginning of globalization (meaning, identical products sold everywhere) and also "on/off are advisories, not switches", which was probably all just coincidental timing.

(I don't think the 0/1 toggle computer power switch labelling somehow had more influence over Europeans or Asians than it did over Americans, but I dunno, engineers are pretty universal)