The cosmological redshift can (and probably should be) interpreted as time dilation due to the expansion of the universe. Photons that are emitted in one part of the universe travel across space, but as they do so, they are subject to time dilation, manifested as a decrease in their frequency, caused by the expansion of the universe. That is, the ticks of a clock in the frame of reference of the emitter are observed to be dilated in a different co-moving reference frame that is some distance from the emitting frame. [Here you may be misunderstanding something - the frequency of light is a clock; the period between maxima in an electromagnetic wave act like ticks of a clock.] This cosmological redshift looks like a Doppler shift and is not observationally distinguishable from a Doppler shift.
Proponents of the tired light hypothesis claim that this cosmological redshift could be reproduced if photons somehow lose energy as they cross the universe and hence have a decreased frequency in the observers frame. Among the fatal problems for this class of hypotheses is that if there exists a class of events in the universe that have a fixed duration, the tired light hypothesis predicts that their duration should be unaffected when observed at great distances. On the contrary, in the expanding universe one expects the observed duration to be stretched by a factor $1+z$ (where $z$ is the redshift); exactly the same factor by which wavelengths are redshifted for light observed from the the same events.
This method was proposed by Wilson (1939) as a test of the expanding universe theory rather than the "gradual dissipation of photonic energy" (aka "tired light").
The test has been passed with flying colours using the light curves of type Ia supernovae. These events, caused by exploding white dwarfs can be seen right across the universe. They are classed as standard candles, in that the explosion occurs in a very standardised way with a "bomb" of more-or-less fixed mass. The luminosity of the event appears to rise and fall in a very consistent manner, such that the width (there are varying definitions of this) occupies a fixed length of time with a very small dispersion that is closely related to the peak luminosity of the supernova. A typical set of light curves are shown below (from Perlmutter 2003).
However, it is observed that the light curve peaks of Type Ia supernova become broader at higher redshifts. The amount of broadening is exactly in proportion to the amount of redshift $(1+z)$ observed in the spectra of the same supernovae. i.e the cosmological time dilation works as expected for an expanding universe, see for example Blondin et al. (2008). A "gradual redshifting" of light as it travelled a distance cannot explain this time dilation.
The plot below shows how the measured "de-dilation factor" (what you need to correct the widths of high redshift supernovae to match the widths of local supernovae) from supernova light curves depends on their redshift (from Blondin et al. 2008). It goes as $1/(1+z)$, exactly as expected (well to within 10%). The horizontal dashed line is what would be expected from "tired light" and is rejected at 10 sigma.
Any alternative hypothesis for why the redshift of galaxies is proportional to their distance (for small $z$; it is a more complicated relationship at high $z$) must also explain why the duration of type Ia supernovae is also stretched by the same factor $(1+z)$. Or, if it is not to be some arbitrary change in the properties of type Ia supernovae with time, then an alternative theory must explain why photons emitted at the start of a supernova explosion appear to take take less time to get to us than those emitted towards the end of the supernova.
Edit: It has to be said there has been little activity in this area recently. Blondin et al.'s results have been questioned by a couple of authors (e.g. Crawford 2017). The dispute appears to be how light curves taken at different redshifts, and therefore seen at different intrinsic wavelengths if viewed with same filter, can be calibrated onto the same system.
Another piece of evidence comes from Gamma Ray bursts. Zhang et al. (2013) find that the duration of "long" GRBs at known redshifts (and measured in the same rest-frame energy) varies as $(1+z)^{0.94\pm 0.26}$, consistent with cosmological time dilation. See also Littlejohns & Butler (2014).
More support for cosmological time dilation has now emerged from looking at the timescale for quasar variability as a function of redshift. Lewis & Brewer (2023) surveyed nearly 200 quasars out to $z=4$ and considered their variability in bins of similar rest wavelength and bolometric luminosity. They found the observed characteristic timescale varied as $(1+z)^n$, with $n=1.28^{+0.28}_{-0.29}$.