Note, this problem also happened in 1.2.0.  I have a 3080 FTW3 Ultra Gaming, and have fan profiles configured.  Mostly, Precision works sort-of-OK.  I have a set of 3 Lian Li SL120's plugged into the external fan header, and those same fans plugged into the external RGB header.  The RGB setup will become important in a minute.  I'm also using HWiNFO.
 
In my normal profile, the RGB is set up so that the main LEDs on the card and the external RGB shows GPU temperature.  The fans are configured to sit idle until the card hits about 50 degrees, then they ramp up - the external fan header is configured to come on at 30 degrees, since the air being pushed straight onto the card provides sufficient cooling to keep the card cool when idle up until it's being used for gaming.  Now that all works great.
 
Except Precision randomly, for unknown reasons, just "stops" controlling anything.  Quite literally, it just switches over to the default fan profiling, cuts the RPM to the external fan header (so it drops to like 690 RPM), and switches over to the default rainbow lighting on all the RGB headers.  And then it just sits there like that, happily cooking away, with almost no air intake due to it not running the intake fans any more.  And you can't make it start controlling anything any more unless you exit X1 and start it up again.
 
Last night, I was playing ME:LE in the lounge room through Gamestream (so I wasn't in front of the PC), came back in after a session to shut down the PC, and noticed it was sitting all in rainbow mode.  After inspecting my monitoring, I noticed that the fan control had just cut out randomly right in the middle of the session, leaving the GPU to run at 70 degrees the whole time, with the intake fans only doing ~690 RPM, and heating up the inside of the case to 47 degrees (!!).  Notably this cutout happened just randomly on its own two hours after startup.  It correlated with _nothing_ useful in the event logs.
 
So for now I've configured an alarm on HWiNFO to scream at me if the system temp gets over 40.  Maybe I'll need to set up a trigger in HWiNFO to just restart X1 if that happens, but that isn't a fix.
 
This, quite literally, isn't very cool of Precision X1.

I can't even get Precision x1 to load.  I just got a new computer and did all the windows updates, but it seems like now it won't even load the software.  I've tried uninstalling, restarting and reinstalling.  Seems like after some firmware update it pushed it stopped wanting to work and the fans seem to be locked ridiculously low on my 3080ti.

Yeah, that seems to be the case.  I've just gone and swapped my bottom set of fans to be controlled by the motherboard based on system temp, and the card can take care of itself.  Seems to work better, it doesn't nearly cook itself when Precision inevitably bombs out and stops controlling the external fan.

I've had similar issues with MSI Afterburner or Mystic Light (One of the 2, nuked both) installed or running and uninstalling both fixed this. They seemed to take over randomly and when that happened it swapped back to "Auto" but just set the fans to 0% regardless of temp.