If it doesn’t say “ready to connect” when you press the setup button, it may be dead. But before declaring it dead, if you have an SD card installed, unplug the cam, remove the SD card, plug the cam in, and see if the yellow light flashes. If it does, wait for a solid yellow before pressing the setup button. If that doesn’t work and you have a 32GB (or smaller) SD card, try doing a firmware flash.
I’ve had two V2 cams with this issue. I had one v2 daisy chained to another camera via the USB port on the back of the other camera and both cameras connected this way will no longer connect. The daisy chain scenario is probably not a good idea for long term use.