For better or for worse, accurate or inaccurate, there were two lessons pretty universally drawn from Detroit: (1) White flight is very, very bad news, and (2) Heavy unionization makes factories uncompetitive.
Especially (2) -- again, I'm not saying whether this is the right or wrong conclusion -- weighs heavily on the states that picked up auto manufacturing that fled Detroit. Obviously there are contrarian takes, but these have very wide mindshare, and I don't think it's true that "everyone will draw different conclusions".
I'm not sure factories closing down in the Bay Area is a big issue as there aren't a lot. The bigger issue is upper middle class and upper class people and their taxes leaving. On the other hand, the area generally (if not necessarily just SF proper) has a lot of attractions that Detroit never had. So it's reasonable to assume that housing prices could drop to a more sustainable level. Of course, one implication is that municipalities would probably have to operate on lower budgets than they do today.
In general, SF and Bay Area are not necessarily the same story. Plenty may choose to live in South Bay especially if prices drop but not in the city.
Especially (2) -- again, I'm not saying whether this is the right or wrong conclusion -- weighs heavily on the states that picked up auto manufacturing that fled Detroit. Obviously there are contrarian takes, but these have very wide mindshare, and I don't think it's true that "everyone will draw different conclusions".