Yes the cat csn be going bad but it will usually set a cel. 2 things.... you may have got the bottom of the tank at your last fill up and the sulpher in the stations tanks isnt burning off, i would go to a premium top tier gas station, mobil, sunoco, etc and fill up with a super or super plus octanewise, as in 91-93 octane and give it a few days to work through. Then i would get a good code reader/scanner, one that you can monitor certain engine parameters and take a look at your o2 sensors. This is an easy way to see if the cats are performing correctly. Look at bank 1 and bank 2 upsteam and downstream o2 sensors. There are four, 1 before each cat and 1 after upstream os before downstream is after they should all have a nice and even line and not look like this.
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You can also take a temp reading at the front and rear of the cat, the two temps should be relatively similar, no large temp diffs