Absolutely. It's probably worse than you think though. I work with some groundwater conservation districts in Texas. Texas has some aquifers that they rely heavily on, and they're being depleted at an unsustainable rate. Efforts to regulate the rate at which groundwater is consumed are met with mixed results because of state laws that make it very difficult to regulate pumping.

One particularly depressing example from the recent past is what happened in Hays County. The groundwater situation in Hays County is bad, to the point that springs are going dry.

Hays County managed to push something through the state legislature that'd give the Hays Trinity Water Conservation District more power to manage groundwater use (it passed overwhelmingly), but then Greg Abbot vetoed it - likely at the behest of Aqua Texas, a big water utility company that pumps a TON of water and has been pretty blatant about ignoring pumping caps and generally acted in bad faith.

Source: https://archive.is/b1bp1