Although the bearings in the PSU fan may well have gone. PSUs are not designed to be opened, so in that case you would need to replace the PSU.
It's been on pretty much 24/7 for years.
Turn it off, open it up (the enclosure, not the PSU), and have a look. If there's dust on everything, it needs cleaning.
Vacuuming isn't great at dislodging dust from fans etc. once it's caked on. It does OK for cleaning mesh filters, but that's it.
@root started
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Although the bearings in the PSU fan may well have gone. PSUs are not designed to be opened, so in that case you would need to replace the PSU.