Trackbar most of the time wears out the bushing that connects it to the frame. The bolt connecting it wears out the bushing in the OEM trackbar.
The bushing can be purchased by itself IIRC from Ford. But if your truck is lifted I think its best to use a aftermarket trackbar because they are designed for the geometry.
Now the ball socket at the axle can also wear and become loose. Most common affect of a worn trackbar or draglink is the truck will wander or hunt around in the steering. Wont be crisp or tight at the wheel. If your draglink is loose I can see it chewing on your tires a bit like a shopping carts wheels dance around back and forth.
Me myself I cant stand any play in my steering, these trucks are too big and a handful to drive already. Last thing I want to worry about is it going in a direction on its own. If you have 100K or more miles on the truck odds are it needs to have steering parts replaced. These things are heavy and the OEM joints cant even be greased so they aren't going to last very long. We still have a 2002 Tahoe we bought new and Chevy put grease-able joints on everything! Ford should have all of our boots hanging out of their A_SS for screwing everyone like they did. The Tahoe steering is tight as a tick on a dogs a_ss and it has 160,000 miles on it with 315/60/20 tires.