Yes, 100 percent. The moment somebody gets punished for an accusation that turns out to be false, the entire movement will collapse. Come on, people, we've seen this before with the Rolling Stone article that did immense damage to the efforts to fight rape and assault on campus. I think there are other things that could lead to a backlash as well, such as some sort of publicized, far-reaching corporate policy at a big company that tried to pre-empt sexual assault (rather than reacting to a specific event).
I'm not saying this to be an edgelord men's rights activist; this is something that a lot of feminist social critics and writers (e.g., Rebecca Traister) are predicting.
The vast majority of accusations recently have had solid evidence backing them up. If a major accusation that someone gets punished for turns out to be false, then that will cause people to look at those sorts of accusations more critically, but it shouldn't harm the movement as a whole unless there was a massive conspiracy or something.