It's indeed painful to see, but unfortunately no one wins over father time, even Federer!
I'm not sure Fed poor BP conversion is entirely due to him being older or the conditions, I mean this decade, it's always been a bit of a problem for him. He's great at giving himself break points, but when it's time to break, he basically tries to grind/wait for his opponent to gift him the break, it's like he suddenly forgets what made him so successful, so frustrating! But then again, we're not the one that's on court so it's easy to criticize from our point of view.
What really concerns me lately as a RF fan is his lack of fire power. It sort of reminds me of the way he was playing in 2013, his strokes lacked power to really hurt the opposition and he was vulnerable. It was very obvious during the IW final that he couldn't hurt Thiem from the back of the court, which is why he went to the net more/drop shots but that didn't work. With the heavier conditions in Miami, I think this will expose his lack of power even more, which is why I would be surprised to see him make a deep run. It's weird to see Federer getting bullied from the back of the court like that, I often watch old matches and back in his prime, he had so much fire power with the PS90 which was nowhere near as forgiving or powerful as the RF97.