Users are reporting issues with their ASUS ROG MAXIMUS Z690 Hero motherboard catching on fire. Below are a few links I've found of users reporting their experiences.

ASUS ROG Forum - ASUS Z690 Maximus Hero Motherboard Burnt with QCODE 53 and QLED Orange (12/17/2021)

Reddit (r/ASUSROG) - ASUS ROG Z690 Hero Motherboard; Two mobos dead in 3 days, one caught on fire. (12/18/2021)

Reddit - ASUS ROG MAXIMUS Z690 HERO (12/18/2021)

Reddit (r/ASUS)- ASUS ROG Z690 Hero Motherboard; Two mobos dead in 3 days, one caught on fire. (12/21/2021)

Reddit - ASUS Z690 HERO Q-CODE 53 WITH ORANGE LIGHT (12/21/2021)

Reddit - Another Z690 Maximus HERO qcode 53 with burns (12/22/2021)

Reddit - Another Z690 Hero burns up (12/27/2021)

Reddit - ASUS Z690 HERO BLOWN UP.... (12/28/2021)

Reddit user u/dapk1nmasta made an interesting observation regarding the positioning/polarity of a capacitor

Reddit - Another Z690 Hero burns up

Capacitor installed "reversed".

Capacitor installed "correctly".

Different capacitor.

A picture of my motherboard was featured in a video discussing the orientation of the capacitor above.

Actually Hardcore Overclocking - My thoughts on the ASUS Maximus Z690 Hero failures

I use the same motherboard in my primary rig and these user reports are alarming. In the video u/buildzoid (Bill Lloyd) says it's only a matter of time before my motherboard burns up. Are these motherboards catching on fire due to user error or is there a legitimate concern of my house burining down? I've taken temperature readings of the areas catching on fire and everything is within specifications. For the time being, I shutdown the computer and power supply when away from my desk just in case.

Update: Looks like someone in the know (Juan Jose Guerrero III) acknowledged ASUS looking into the matter. Found this post on the ASUS PC DIY Group in Facebook.