As far as I can tell with my oncidiums (what I primarily grow), they will always lose leaves that are no longer capable of photosynthesizing nutrients to store in the pseudobulb. Eventually, the older, leafless pseudobulbs will shrivel into nothing. This just means they've served their purpose to the plant, and are no longer needed
I'm not sure if the loss of leaves is a result of the pseudobulb shutting down, or if the leaves fall and THEN the pseudobulbs cease... But, it's just a part of the oncidium life cycle!
Now, if they are losing leaves off of pseudobulbs that you know are on the younger side of the spectrum (for example, a pseudobulb that is less than 1 year old and hasn't produced a spike), that's when you should be concerned...