Yes, it could be hardware related, or BIOS, or malware, or even the power supply (although that would not occur to me).
Tracking down the cause is just trial and error through a process of elimination. Start by working on the software side of things, since these do not cost money to test out.
Since we know that it is not Selective Suspend, you could then check the Power settings on the Properties tabs of each of the devices just to be sure they are not set to power off.
The next thing you could try is to reinstall the USB drivers in case they have been corrupted. You can do that by going into Device Manager and Uninstalling all
of the USB devices listed under Universal Serial Bus Controllers and then restarting the computer. Windows will reinstall the drivers after startup.
(You could leave the drivers for known devices (USB 3.0 drivers for instance, or printers) for the first test.)
If you want to get more serious you could do this: USB Driver - General Fix for Problems
Before or after the above test. (I never like to try 2 tests at once, it can complicate diagnosis)
Any problem associated with the BIOS would be with the settings there for your USB devices. Unless you are overclocking, have made changes to the BIOS settings manually, or flashed the BIOS recently then a change in settings is unlikely. But it never hurts to look.
You could try resetting to BIOS defaults as a test. Just be sure to note all of your current settings so you can re-set them back before booting into Windows (with the exception of any USB setting change you are testing, of course).
Malware is "easy". Run all the AV and anti-malware tests you can get your hands on. Don't forget Windows Defender and the Microsoft Malicious Software Removal Tool (Start > MRT.exe) also.
Lets see what you find with that stuff.