I can tell you exactly what happens then: you got yourself a dead mainboard
The µGuru chip is essential on boards where it has been integrated by design. During power up, µGuru is initialized first and fires up the whole bios / bootup sequence while also monitoring if all health parameters are within certain limits. Remove that chip and simply nothing happens at all because everything waits for the µGuru chip to give all greens to go.
This is also the grim side effect of this chip when it decides to go belly up. I have three boards where the µGuru chip is fried and that's where the problem starts because one would think you could just replace it with any other chip from like a dead spare or something. You can't! At least not as long as you don't have exactly the same board to take that chip from in the first place. Reason is, those µGuru chips (made by Winbond btw.) have their own custom firmware loaded which means you can't just take a chip from for example an AN8 Fatality and slap it onto an AA8XE Fatality and expect it to work – it won't. Since different sensors are used between different board series and sequencing during startup also differs, it just won't do.
This is why I refuse to actually dump my "dead" AT8-32X and AN8 Fatality boards because I know and have confirmed they do work with the matching chip but I simply don't have any dead boards to take them from permanently because what I did for testing is remove those chips from my working boards. Thing is, if I go shopping for dead boards specifically it's a 50/50 chance that that board is also dead because of a fried µGuru chip and I win nothing
The sad thing is that the industry didn't learn from those single point of failure designs with custom chips being responsible for really basic and essential sequences. In fact, afaik ASUS became a master in this art with all those custom ROG chips deployed to brick the entire board if the chip desires to do so. But yeah, one might say this is tinfoil territory already, so I'm just saying...