[knc1]

It is detecting what is assumed to be an eMMC error.
The progress thingy is it attempting to reformat and/or repair the file system.

But since the errors being detected are more likely leakage between the BGA pins -
I would not hold out much hope for it to recover.

Clearances under that chip and between the balls are very small, they would have wicked up moisture quickly. Even being under the RFI shields.
It would have been difficult to get the moisture back out, or to displace it with alcohol.

- - - - -

Although I would have bet that this happened to the SoC first.
(More connections, tighter spaces, etc. - maybe it was under a tighter RFI shield.)