Well the LED is a pretty simple assembly.
A pair of SOT-23 diodes act as a rectifier, the resistors stop the high current from blowing up the lower voltage LED. The capacitors smooth the
input to make the DC voltage on the LED look more like a globe (as they turn on and off quicker, Globes glow).
Jut need to do some calculations and buzz out the circuit and see what causes the failure.