Teemsan :
I have a surge protector that is about 2 years old. It's been through two power outages, but everything seemed fine afterwards. I can't remember the exact rating of the protector, but I remember it was decent-ish ... about $80.
Some of the most expensive protectors are also least robust. For example, a potentially destructive surge is hundreds of thousands of joules. How many joules will that protector absorb? A thousand? A $3 power strip with ten cent protector parts may sell for $10 in Walmart or also sell for $80 elsewhere. Only useful answser is based in those spec numbers.
120 volt protector do nothing (act as if not there) until its let-through voltage is exceeded. Obtain that number from its box. Typically 330 volts. How often does your 120 VAC exceed 330 volts? How often does an outage (voltage drops well below 120 volts) also exceed 330 volts? It doesn't. But myths (a zero volt outage is a many hundred volt surge) are widely believed.
Your surge protector did nothing during an outage. Otherwise power cycling its power switch is also destructive.
Your protector has no built in circuits to determine degradation. Its red light only reports one type of failure. That the protector was so grossly undersized as to disconnect to avert a house fire. But then above was a relevant question. How many joules does your protector claim to absorb? Again, useful answers means numbers.
An MOV manufacturer describes testing of protector parts. "The change of Vb shall be measured after the impulse listed below is applied 10,000 times continuously with the interval of ten seconds at room temperature." 10,000 surges? Then why do some $25 and $80 power strip protectors fail after one or two surges? If grossly undersized, then it fails on a first surge. That gets a majority to recommend it and buy more. Properly sized protectors will even withstand hundreds or thousands of surges without failure. But these products do not have a massive profit margin (ie a $3 power strip with ten cent protector parts).
Install what is found in any building that cannot have damage: a properly earthed 'whole house' protector. This completely different device (that is also called a protector) will even earth direct lightning strikes and remain functional. It is essential for protecting all appliances (even the furnace and dishwasher). And for protecting MOVs in that $80 protector.