Things do happen as a cartridge ages. First is the stylus, of course. As it wears, its contact patch changes and can degrade to a point where high distortion and groove damage are possible. Not sure that amounts to a lower volume, though.
Second, suspensions can harden over time as the material properties change with age. A hardening suspension changes the compliance of a cart and can make it usable. Again, this is another form of distortion, not outputs reduction.
Magnets can age, too, but the other two factors are likely to be problematic earlier.
I’ve not heard of cartridge aging that only decreases the output without creating other forms of distortion. Even weakened magnets might cause other nonlinearities. Oxidation of the pins could conceivably do something like that, but I’ve not seen it documented. Wouldn’t hurt to remove the cartridge lead wires and replace them to scrape off oxidation.