Here is the 5e 2014 core rules in the Monster Manual. The Psionic trait is a kind of innate magic, whose spells are cast without any spell component.
MM p. 10.
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PSIONICS
A monster that casts spells using only the power of its mind has the Psionics tag added to its Spellcasting or Innate Spellcasting special trait. This tag carries no special rules of its own, but other parts of the game might refer to it. A monster that has this tag typically doesnt require any components to cast its spells.
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When casting spells psionically, by the power of ones own mind − ones own soul − the spell effect happens without spell components (whether Verbal, Somatic, or Material).
The need to add the term "typically" probably refers to the spells with a costly GP material component, which itself highlights how painful and aggravating, and interferesome, the costly component is. Delete every spell component from every 2024 spell description. The components entry is a pain point.
Note, not all Psionic magic is spells, but some is. Psionic spellcasting is a subset of Innate Spellcasting. Other methods of Innate Spellcasting beyond Psionic can also happen without spell components.
2024 needs the Glossary to standardize a definition of "Innate Spell" (a specific nonswappable spell) and "Innate Spellcasting" (the ability itself to cast any prepared spells innately), to mean without spell components, including the components that a class feature utilizes. An Innate Spell is always prepared for any available slots that also eschew components for it.