Monitor can no longer keep up with 60hz?

Monitor: ASUS TUF Gaming VG279Q1A

When I got my monitor 2 years ago it could do 60hz no problem. Now there is a black bar at the bottom that moves up and down (as if I had selected a refresh rate that is too high). If I go to 50 hz it is fine, but when I check back at 60hz the black bar has gotten bigger since I noticed the problem a month ago. The monitor itself should handle 144hz, but I have never gotten that to work. I noticed that the ac power adapter that came with the monitor (ac adapter adp-65gd b) says 50-60hz on it, which makes me wonder if the power adapter could be the component that has gotten worse over time.

I have made sure the problem is not with the PC itself or the displayport cable connecting the pc to the monitor (by testing with another pc and cable).

All this leads me to the actual question:

  • Is it more likely that this kind of problem is due to a worn out ac power adapter or due to some worn out/faulty internal component in the screen?

I am asking so that I don’t spend a lot of money on a new monitor in case this is just an issue with the ac adapter.

Image is of the problematic behavior: It is better in this image than when I have just started the monitor.
It is better in this image than when I have just started the monitor.