I have the same problem! You are not alone.
I have two RT-AC88U's at my house. I purchased another one for a school I do some volunteer work for. I set it up a week ago last Saturday and noticed the 5 Ghz channel was not working and the LED was off, even though the radio button was on. I validated my settings with my other two routers that work. There are no differences. I then updated to the latest ASUS firmware and followed by a factory reset. The light came back on. But even though the 5 ghz radio button is clicked on, the 5 Ghz channel does not work. I then updated to the latest Merlin Build 380.62. This made it worse. Now, the 5 ghz light does not come on at all. I can only select channel 0 for the 5 ghz channel. Before, I would get a drop down list of channels to select from. I have tried everything I can think of, factory reset, hard reset, mtd-erase2 nvram followed by power cycle, different firmware versions, commands:
nvram set wl0_reg_mode=h
nvram set wl1_reg_mode=h
nvram commit
reboot
Unplugged device, held reset and plugged it back in. Continued to hold reset until power light flashed slowly indicating it is in recovery mode then released reset button. Waited about one minute. Pushed power button to power off device. Waited 30 seconds then powered back on. Nothing worked to revive the 5ghz channel.
It is going back to the store tomorrow for an exchange.