Why is it not working after water damage?

Hi,

The impurities in the water causes corrosion and provides circuit paths for the electricity which were not in the console's operating design and could damage the components. The corrosion starts immediately and is ongoing until it is completely cleaned away

First do not connect power to or try to turn on your console so as to minimize any further damage.

You need to dis-assemble the console and clean all the affected parts using Isopropyl Alcohol 99%+ (available at electronics parts stores) to remove all traces of corrosion and water. If possible do not use "rubbing alcohol" as in some cases this is only 70% IPA or less, can contain additives which may leave conductive residues and is not as effective. If you do have to use it, check the label to verify the amount of IPA. The higher the percentage of IPA the better

Here is a link that describes the process. Electronics Water Damage

As always with electronics, especially surface mounted pcb be gentle when handling and especially when brushing away the corrosion. You do not want to remove any components from the board. Remove the shields that may be covering some components as the water may have got in under there. The ends of any flex cables and their connectors need to be cleaned as well

Hopefully after you have done all this the console might possibly work correctly again.

Here is the ifixit Xbox One S All Digital Edition guide that may help.

If this process seems too daunting, take your console to a reputable, professional electronics repair service, experienced in liquid damage repair and ask for a quote for a repair. If you decide to do this, do it sooner than later.