Out of nowhere this morning on my 2020 ranger xlt there was a precollision assist indicator, hill assist failure and light showing, steering assist fault service required indicator, and service advance trac. I was backing out of the driveway and all steering is now lost. Waiting on the service department to open in the morning. I drive the truck a lot for work and has 49k miles. Has anybody had similar issues and if so what’s the reason

Welcome to the forum

I haven't read any similar posts so can't say if its a known issue or not

You could try unhooking one of the battery cables for 5 minutes, this will drain all the capacitors, then reconnecting cable, all the "computer" modules will reboot their factory software at that time, which could clear the "fault" that has been set
There would still be a record of the "fault" in non-volatile memory

There have been issues with battery voltage dropping, if it gets too low then when you start the engine(dropping voltage even lower) false codes can be set by modules

Dealer came back and says the entire steering gear needs to be replaced for $3100. Ford assist came back and said would pay for 50% since I’m 1700 miles past warranty. Unbelievable if you ask me. Isn’t that a part that should last a lifetime almost lol