VBUS path has no source: “Power input not driven” on USB-C:VBUS and USBLC6:VBUS (Net 1).
Regulator input is unpowered: “Power input not driven: AP2112:VIN” (Net 2).
Therefore all loads on Net 5 appear unpowered: MicroSD:VDD, CP2102:VDD, ATEC:VCC, etc.
Why this happens
The checker only considers a net “powered” if it sees a power-output/voltage-source on the upstream nets. In your design, VBUS (Net 1) is only connected to the connector USB-C, ESD USBLC6, and diode SS14 anode—none of which drive power in ERC.
Your bench “DC Supply” V1 symbol (CATHODE on Net 1, ANODE on GND) isn’t recognized as a board power source by ERC, so Net 1 is still undriven in review, which cascades to Net 2 and then Net 5.
How to resolve
Provide a recognized source on VBUS (Net 1): power the board from USB, or add a proper power-source/power-flag on Net 1 so ERC knows it is driven.
Keep AP2112 EN high (you already tie EN to Net 2, which is fine).
For bring-up without USB, you can temporarily add a power source to Net 2 (post-diode) or directly to Net 5 if you want ERC clean during offline checks.
If you want, I can help add a power-flag/source on Net 1 so ERC stops flagging Net 5 as unpowered.