This begs the question of what a bar exam is for. If you want to know what I think, go here to read one of my posts from over five years ago. In short: "No matter how bar examiners characterize the bar exam, its purpose can be no more than to weed out the incompetent."
Most people (including bar examiners) believe the exam measures a minimal level of competence. I think rather it tests the maximal level of incompetence.
Thus, I am less concerned about falling pass rates nationwide than some. Given what the bar exam actually measures--and excepting the possibility a state bar association could be acting for an illegitimate anti-competitive purpose--more failures is a good thing.