When an oil pressure sensor goes bad it can cause your oil pressure reading to read too high or even in some cases the bad oil pressure sensor could cause the oil pressure reading to be too low.
The bad oil pressure sensor may also cause your oil light to come when you have enough engine oil in the vehicles engine.
If the oil pressure sensor goes bad and senses low oil pressure it may shut the car off while driving on some cars or may even cause the car to fail to start.
If your oil pressure gauge is jumping around or reading too high or too low then having the oil pressure and oil pressure sensor checked out would be a good idea.
If you're in doubt you could just replace the oil pressure sensor because they are not all that expensive.