There is no good cost per click. There is only a cost per click you can afford, and working out which one that is takes two numbers you probably already have.
Take your conversion rate and your customer value. If a hundred clicks make three leads, and one lead in four becomes a customer worth two thousand, those hundred clicks are worth fifteen hundred to you. Fifteen dollars a click is break even and anything under it is profit.
If you moved your bids towards searches with clear buying intent, your cost per click goes up and your cost per lead goes down. The account looks more expensive and is making more money. Judging on cost per click alone punishes exactly the change you wanted.
Cutting bids lowers your average cost per click and takes you out of the auctions that were converting. Volume falls first, then leads, and the cost per click chart looks great the whole way down.
When your break even sum says so, and only then. At that point the fixes are cheaper clicks through better quality, fewer wasted clicks through exclusions, or a better converting page. All three beat bidding less.
This is teaching material and our own reading of public documentation, not advice for your specific account. Check anything important with your own specialist before you act on it.
Run the calculator, then tell us what it showed. We reply with what to fix first and why. No call, no pitch.