Serious engine trouble, worn piston rings, etc. Basically, you'd know if it was happening because you'd have a host of other issues. The likelihood of you having a "dirty catalytic converter" and this cleaner doing anything permanent is slim to none. Don't waste your money on band aids.
As far as what causes them to go "bad" boils down to either poor manufacturing, engineering, the catalyst being depleted, or physical damage.
If it's a brand new cat causing this code, then it doesn't mean your catalytic converter isn't working, it could mean how it was designed is not close enough to spec and causing different readings then it expects. Only way to know this is viewing live data.
For instance, after installing speed daddy headers and a high flow catalytic converter, I got this code. Turns out it was working fine, but had the wrong af ratio and setting the code. Once I had my pcm tuned, poof no code. That's how to fix it without a band aid.
However, I've also bought cheap cats that were underperforming from day one and threw this code. Likely, it's the catalytic converter though