I opened it and it looks like the bridge rectifier TD1KN is overheating. The PSU is rated @ 12V/5A, the LED strip draws 1.1A.
The datasheet of the rectifier specifies the max current is 1A (if I'm reading it correctly). If so, does it mean 5A on the label is a lie? (see comments)
Should I be worried? Can I fix it? Should I buy a new PSU?
Edit: looks like the cap is busted. Could it be the culprit or maybe it got damaged because of the temperature? (it's right on the other side of the board)