That has happened to my laptop as well a few years back.
It can be an issue with the WIFI driver, or a corrupted operating system.
For the driver issue, you have covered reinstallation, since rollback is not an option.
Do you remember installing any software before this problem started happening? Maybe try removing that software.
You can update the BIOS, but there is a risk if you do that, it may fix it or it may give you more issues.
If system restore does not work, a Reset or a clean install is the last option.
If in case you have done both and still having the same problem, the issue is with the WIFI card itself, which needs to be repaired or replaced, better to reach out to ASUS support.