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db<>fiddle
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DECLARE @WORD AS NVARCHAR(50);
SET @WORD = 'ABCDE';

with cte as (
select 1 as n, @word as word
union all
select n + 1, word
from cte
where n < len(word)
)
select word, stuff(word, n, 1, '_')
from cte
word (No column name)
ABCDE _BCDE
ABCDE A_CDE
ABCDE AB_DE
ABCDE ABC_E
ABCDE ABCD_