That does not sound good.
Please do not remove R201 when powering the board. This resistor is to get the 1V2.
The voltage you are measuring is wrong.... the scheme is showing the right values.
If you cut the 2V5 trace at the bottom side of the PCB you can see if the 2V5 chip is working?
You can supply 5V to the CN302 header pin and waching the current.... (exclude the RPI)
Hope this gives some ideas to find your problem?