I don't necessarily think the issue is with the lighting. I'm not sure how strong these lights are, I'll let someone else comment on that but generally bubble tip anemones will move and stretch towards the light if they are not getting enough light. If you saw this behavior previously and now it is looking like this, at that point I would say it is possible a lighting issue but if not it is more likely some unstable parameter causing the anemone to be stressed and killing off its zooxanthellae.
Sometimes it is difficult to pinpoint exactly why your anemone is doing this, people suspect there was some stressor event that led to the anemone to become infected but there is not data that I am aware of that proves this. Anecdotally many have treated anemones that exhibit this kind of behavior with ciprofloxacin and seen a full recovery of the anemone. Currently ciprofloxacin is the only recommended antibiotic or in combination with sulfamethoxazole/trimethoprim if the ciprofloxacin isn't working by itself. The link to the protocol is here:
https://www.reef2reef.com/forums/anemone-clownfish-discussion.182/ There are two sticky threads one is by OrionN and the other by Amoo, I would recommend reading both. The second was adapted from the original author of the protocol OrionN.
Most pet stores do not carry ciprofloxacin, you can get it online by searching for "fish ciprofloxacin". One brand calls it AquaCipro, in the US this allows you to purchase it without a prescription and usually can get it within a couple of days. In the meantime I would work on planning how to treat the anemone. I believe
@Lost in the Sauce has dosed his display tank before, but you will see the protocol has details for setting up a hospital tank. If you don't have the equipment to setup a hospital tank and put the nem in now, I would say do a good 10-20% water change in the current tank your anemone is in and see how it responds to that. If it suddenly perks back up and stays inflated for the next couple of days, then maybe forgo the antibiotic treatment and focus on figuring out the other water parameters I mentioned. If freshly mixed saltwater makes the nem happy again then there is something off with the water and might require addition of activated carbon or more frequent water changes.
Lets see if some others can chime in
#fishmedic