Waveshare esp32 with external 5v power does not work

I’ve recycled a ESP32 Waveshare driver board (link) for a simple project (one led and one sensor).
The project work perfectly and it connect to HA. But only when is connected and powered by USB to PC.
When I connected to HLK-PM01 AC DC 220V a 5V 0.6A the power led on the ESP32 is on but dont work, it does not connect to wifi.
I connected the + to pin 5V and the - to GND.
I have tested the pins and there is correctly 3.3v and 5v to the pins power.

Has anyone had similar experiences?
I know that this board is limited but I don’t understand why it shouldn’t work with an external power supply while via USB it can?
Thank you

Obvious question: Did you try another power supply? 600mA should be enough, but…

I just tried a 5v 1A power supply but it doesn’t work…
But why does the LED ‘power’ is ON if it doesn’t work?

Idea would have been that there was enough power for the LED, but not enough for Wifi…
Does it work with a phone charger on the USB port? If so, I would guess it’s a peculiarity of that board…