Higher bounce rates indicate an increase in the number of delivery failures, the root cause of which must be figured out. For hard bounces, simply removing those emails from the list can help in improving campaign delivery. For soft bounces, there is a probability that the email might get delivered if the temporary issue gets resolved. But if the same email addresses keep coming back repeatedly, it is best to remove them from the list.
Most email marketing services show the data for hard and soft bounces for you to optimize your email delivery.