'it's a fail' is a correct and usable phrase in written English.
You can use it when you would like to indicate that something did not meet the necessary requirements or standards or expectations. For example, "I failed my math test - it's a fail."
Exact(3)
I'm very competitive…if you don't get the gold it's a fail".
It's a fail.
It's a fail one way or the other.
Similar(57)
It's a fail-safe way to forget about that dwindling stock portfolio, if only in 20-minute slots.
Here's a fail safe solution: just be honest, it works every time.
But after last year's And So It Goes, a failed attempt with Michael Douglas and Diane Keaton, it's dispiriting to find another well-cast yet criminally dull offering.
(McCarthy's spokesperson called it a "failed" one).
"It's a reject, a failed painting.
In the meantime, it is hoarding 8086's so that a failed one does not ground the nation's fleet of aging spaceships.
He says it's a shame that Hullet's builders failed to do so.
It's a remnant of the USSR's failed effort at building a reusable space shuttle as part of the Buran Program.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com