I've certainly noticed a reduction in (dry street) rear traction as the tyres approached the wear bars, although it does seem counterintuitive....however it is matched with a marked reduction in tyre wear rate which may give some indication of the reason.
A while back I called Michelin tech support about another matter and mentioned this phenomenon and asked if the tyre compound varied with tread depth but he said not...I think he put it down to the tyre compound hardening due to heat cycling and the tyres reduced ability to remain within its optimum heat range due to the reduced amount of tread. I would also imagine that reduced tread would also decrease the tyres flexibility and thus its ability to contour to uneven road surfaces.
I have always found a tyres performance peaks at about 4mm of tread depth.
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