Wi-Fi Antenna or Chip?

Not really a question; more like asking for confirmation of my assessment!

The Wi-Fi option is grayed out on the iPad. Bluetooth is switchable, but cannot locate devices. I’ve reset the network settings, all settings, and done a full restore of the iPad, and so I’m fairly certain it’s not software. My assumption is that it’s the Wi-Fi antenna and not the chip itself because I still have a MAC address for both Wi-Fi and Bluetooth.

Also, there’s no physical damage to the unit; everything looks like it’s in great shape.

Do you think I’m right? Thanks for your help in advance!