Still confused gomoweb, but if it's software related as you say, then it has to be something related to the system management of the mother board or similar, not related to the macOS version installed, because after some more tests that I've done today I can confirm that affects also when the macOS system is not launched yet.
My problem was going worst everyday... yesterday and this morning, my iMac screen remains on just for few seconds after start the computer, and practically instantly goes black. When I try to select with which partition I want to start the computer pressing the ALT key of the keyboard after the chime sound, also the screen goes black after few seconds and I can't see the drives to select. Also, after read your message, I've tried to create a Bootcamp partition and install Windows 7 on it. The problem still persist, even while I was installing Windows, the progress bar and the message "Windows is installing" was showed, but the screen of the iMac went black and I had to continue installing through the second display that I have.
So, perhaps here there are a lot of people talking about a similar problem, but while for some of them perhaps it's software related, I think for others can be perfectly hardware related. In my case, it's obvious is not only related to software, or at least not related to my macOS version, because the screen goes black also when installing Windows on Bootcamp, when starting the system from a recovery partition, or even in the disk startup selection option, etc.
But well... you're right in one thing: certainly there's something that affects the stability of the issue, and when we play with the system doing changes, somedays the issue seems to disappear or appear less time. An example:
Some hours ago, just after try to install Windows on bootcamp and see that my problem still persists even when installing Windows, I have done 3 SMC resets, 2 PRAM resets, tried again to start from a recovery partition (it asked me to pair again the magic mouse and apple keyboard with bluetooth) and finally deleted again the Bootcamp partition. Well, it's strange but since then, now I'm using macOS normally and the iMac screen remains on for more than one hour... Sure it will become black again later, but now it's more stable than before doing all of this things, because this morning the screen was going off constantly, just after 5 seconds.
So... yes, really there's something that affects the leds management, I don't know what is, but something seems to have some incidence on it. In PCs, I remember that exists something called the "BIOS" that manage the hardware when the system (Windows) is not installed or launched yet. Perhaps there's something similar in Apple computers (not only EMC or PRAM) that becomes corrupted and causes this problem... And perhaps a new fresh installation like you did, can help and change something.