PSU's overall athletic performance has dropped off the cliff (especially on the Women's side - which used to be the part that really lifted the Director's Cup numbers)
The Director's Cup - if you understand how it works - is really a very flawed instrument wrt trying to prove your "strength of athletic program". I think most people recognize that. FWIW, their record vs Big Ten peers - in Big Ten competition (probably a much more meaningful and illustrative example than 'Director's Cup") has fallen off even more precipitously than the Learfield standings.
That said, of the points PSU now tends to collect - the vast majority are in sports that have practically no one involved (including some that are not even Big Ten sponsored sports) - some with just a handful of serious competitors (PSU is not alone in that regard, the old PAC 12 schools were, and still are, significantly "over rated" for the same reasons). For PSU that traditionally included the likes of Fencing, Men's VB, and a few others (and now add M and W Hockey to that list, and wrestling as well - though PSU's DOMINACE in wrestling is very impressive, regardless of the limited number of competitors - IMO anyway),
The concerning aspect, if there is one, is how and why PSU has fallen from a much more competitive program (most years), to an also ran - after taking such pride in finishing highly in prior generations. "National Championships!!", and all that
Penn State finishes 21st in Learfield Directors’ Cup standings