The ignition starter button HL cut-off control also cuts switched voltage to the speedo/ tacho illumination bulbs and the tail light/front running lights (if fitted).....If you lose all of these at once, the chances are high that you have lost continuity in the circuit between the B wire going to the cut-off switch (from the main key sw) and the Br/w wire from the cut-off switch to the wiring junction feeding each of those items....check the CB550 wiring diagram.
The ignition starter button HL cut-off control is inside the right hand (handlebar) control /sw unit. Use a multi-meter to assist and check for voltage and continuity as appropriate......remove/open and inspect the right hand control/sw unit as well if the fault does not become otherwise visible or obvious...... Cheers