I have two of these lights (one on’t seatpost and one on’t helmet) and one of them has developed this issue. Being really organised I can’t remember where or when I bought them so no receipts to return (plus wouldn’t know where!).
I found through frustration that by fairly robustly hitting it on a hard surface a few times it will turn off then it functions absolutely fine. Presently seems better than binning it. Mine didn’t get soaked either FWIW.
Probably not what you wanted to hear but seems to be working so far. Also, much entertainment to be had from getting back from a few ciders and getting your mate to put two of them in strobe mode up to his eyes….