GTM ClubA falling win rate with a growing pipeline usually means the pipeline is worse, not that the AEs are: the SDRs are booking meetings with accounts outside the ICP, or discovery is letting unqualified deals through. A rising win rate on a shrinking pipeline is a team that qualified out and got better at it.
Read it by segment. Win rate by ICP fit is the fastest way to find out which part of your list you should stop working.