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TPS1663: PGOOD goes low without FLT far below ILIM and PLIM

Part Number: TPS1663

Tool/software:

I protect my +28V electronic module with TPS16632:

It's set to handle 6A or 110W. The PGOOD goes on into the ENABLE pin of my Buck converter (3.3V) so the +28V_POST_FUSE will be saturated before my 3.3V MCU even starts working.

So far so good. Right after this eFuse I have an 120W 12V DC/DC converter controlled by my MCU:

On 12V_OUT I have a lot of load. Up to around 90W, hence my 110W limit on eFuse.

The problem is, I can't draw even close to 110W or 6A before the PGOOD goes low, hence cutting the power to my MCU which turns the 12V DC/DC off. There is no exact Amp or Watt but these are two last values I got to measure before it got cut off (I'm slowly increasing the fan speed until it "trips"):

Vbus: +27.806 V  Current: 3.0650 A  Power: 85.2320 W
Vbus: +30.844 V  Current: 2.7200 A  Power: 83.8850 W

This is the timeline:

The instrument (Saleae Logic Pro 8) does not handle more than 10V, but in reality anything at 10V is actually 28V.

A closer look:

I have no idea what is causing this. There is no mention in the data sheet as far as I can see where the PGOOD goes low without FLT (unless SHDN is triggered, which it's not). 

What can I do? What am I missing?