Yah, but even with this, the Bahamas has 6x the homicide rate of the US. The core problem is not guns. The core problem is economic. Everything else, including both the demand for guns, and the proliferation of crime, spawns from that.

Tourism and spending is all about having a warm-fuzzy feeling. The MoT is likely just frustrated because this notice from the US State Dept reduces the warm-fuzzy feeling.
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On the one hand, it looks like a knee-jerk reaction to one crime event. The per-capita homicide rate in the Bahamas is six times that of the US. Having an escalation in warning after one event seems like a public shaming for lack of local police effectiveness.
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On the other hand, this was spawned by a drive-by shooting with no one identified of arrested. There's already a police presence nearby. The Sand Trap has been under advisory since 2016. The implication is that the local police are losing ground with regards to safety in popular tourist areas.
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My thought is that this is an economic factor. Some people see it as easier to scare off customers at a successful location rather than to build something better at another location. Perhaps someone is upset at one or more of the business owners, and the others are afraid to speak up. Alternatively, it could be someone resentful of these tourists/embassy people and their attitudes.
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Any which way, I think a swift and decisive action by local police would go a long way to reestablishing confidence. This is definitely a risk to the economy to have an escalated warning like this.

This seems to be an expansion of the warning from late 2016. It seems to be a public warning to the local police that safety is still not resolved, just as much as it is a warning to US State Dept employees.
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Tourism is about an experience. People like to party, to buy stuff, to go out on the water, or to have some positive experience in a new place. So much of that is tied to feelings and perception.
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The standard fix around the world is to claim extra efforts are being taken, increase police presence, especially on the entrance and exit points to money-making areas. That gives people a warm and fuzzy feeling so they can go along and spend money without worrying as much.

This is the way the Embassy gets attention from the local government as much as it is warnings to their staff. There are places in NP that you can go alone, places where you take a friend, and places where you don't go unless you really need to.
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Just like everywhere, most people are good people, and it just takes a couple of bad apples to mess things up for others.
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My perspective is from a 6'5 white guy who keeps to himself most of the time, does not dress fancy, smiles and waves, and is just as happy ordering from Double Dragon as going out. I tend to not attract too much drama, and not too many people see me as an easy mark. YMMV.