Because the fuel is going somewhere other than the carb. That’s why the pressure is dropping.
I mean it could be that the bypass valve in the pump is stuck half open or some of the vanes (or whatever they call them) are stuck halfway in their slots.
If your pressure is dropping the fuel is either A) going somewhere it shouldn’t be or B) the pump has a mechanical issue that keeps it from producing enough fuel to make any pressure.
That’s why I said check the fuel pressure in the line going to the regulator. It needs to be 15-20 psi. If it’s not, you need to figure out why.