Hi Sathya,
Thanks for sending the photos. I can see two things that might be an issue.
1. Mounting. The stand-offs are too long they should be 1/4" (6.4mm) so that the mounting hole in the MOSFET lines up with the hole in the PCB. There is a diode, D1, on the back side of the case that should be thermally coupled to the MRF101AN to adjust the bias current as the MOSFET heats up and in your setup the diode, D1, is not near the MOSFET.
2. Frequency range. The VNA appears to be sweeping from 35 - 70 MHz. If you are actually operating the amp in this range, you should expect reduced power. For testing, it would be best if the signal source is set to a fixed frequency in the 10 -20 MHz range. The maximum frequency for this amplifier is 54 MHz and the output power is reduced above 30 MHz.
The power fading is due to something heating up. If you are running the amp at the indicated frequencies, it's probably C2. The PCB needs a good electrical grounding connection to the heatsink. I cannot tell from the photo if the stand-offs are a conducting material and the nuts appear to be nylon insert lock nuts. All of this should be replaced by aluminum or zinc plates steel hardware with 6.35mm stand-offs.
Regards,
Jim