Once that file is in the right place with the right name, the "black screen of death" should disappear, replaced by that iconic, nostalgic PlayStation startup chime.
Here’s a technical write-up regarding the missing scph5501.bin file, commonly encountered when using PlayStation 1 emulators such as DuckStation, ePSXe, PCSX-Reloaded, or RetroArch (with the Beetle PSX HW core). scph5501.bin missing