Some wheel cylinders have a light spring inside that pushes on the cups, If that pin fell out, it is possible IF you have that type of cylinder, that the cup may have moved enough to let in some air.
In any case, bleeding sounds like it might be the thing to do.. Try gently tapping the ends of the bleeders before using a wrench on them if you think they might be siezed , even a little heat on them has been known to bust rusty ones loose. Also make sure you use a well fitting wrench on the bleeders, like a 6 point closed end or a socket, Once you have them free, then use whatever is handiest . If they were rusted, bring one to the parts store and get new ones, a little never seez on the threads may help prevent seizing again.
If you want to rule out adjustment issues , tighten the brakes to the point you can't adjust them any tighter,then see how hard the pedal is. If it is soft, go ahead with your bleeding plan. Make sure to back off the adjusters some before you drive it.