What has you so focused on the power steering?
Something you mentioned above about no noise cold then noise when warmed up.
Does the noise stay when warmed up and sitting stationary?
Yes - carry on reading.
No - I hope Indy get it sorted.
This engine had a few ‘hands’ in the design and I am fairly sure that BMW thought this was a good idea.
There is an electronic water pump pulley device that engages the water pump only when the engine has warmed up. It is disengaged when cold so as to allow the engine to warm up quicker and improve efficiency and thereby reduce emissions. It works by the ecu putting 12v onto it to wind it in away from the water pump pulley, just above it. It has a manual release to disengage it, by means of pulling on the release cable as shown by the curved arrow, it has a hole thru it at fully drawn to hook over a catch (yellow circle).
You can test this at home, get the engine really nicely warmed up, and buzzing present.
(Maybe practice, or get the feel for where things are on a cold engine so your not feeling around a hot engine).
Switch off the engine, pull the manual release and hook it over the marked spike.
Restart the engine and listen for the noise.
Noise away, this pulley could be on its way out, when changing, change it, the water pump pulley and the belt at the same time.
Remember when you are finished to release the manual cable to ensure the water pump is back in operation.
I would also be tempted to check the water pump bearing and the alternator clutch bearing whilst in there and the engine is cold, just release the belt tensioner whilst the water pump drive is disengaged and you’ll be able to remove the belt easily (mark its direction of rotation before removing, refit as came out). If you need guidance on how to remove the belt just shout out.
(I’ll be quiet and not slag Volvo off for having self destructing engines on alternator belt failure).
