The water that your well pulls from can rise and lower with the amount of precipitation and discharge nearby. Precipitation and runoff soak into the soil and make their way to underground aquifers where water is stored. If there isn't enough precipitation to make up for the water being pulled out, an aquifer's water level can lower drastically.
A dried up aquifer means that a well may not be able to pull up water from underground anymore. A well may need to be dug deeper, or moved to access water again.