There is NO reason to try to treat a lichen. On the contrary, they should be left as they are ecologically beneficial.
As far as representing underlying issues:. Lichens grow more aggressively with more sunlight. A declining tree allows more light through to the bark as there are fewer branches with leaves for share. The lichen is simply taking advantage of the extra light.
Treating a lichen might be compatible to wiping blood off of the floor as an attempt to treat your cut.
Not enough here to speculate what else may be going on with the tree...