Let's think of it this way. Energy has to be continuous, so for the energy to drop from that of the activated complex (the peak) to that of the reactants, it has to drop through every energy value on the way.
In the activated complex, we may very well have partial bonds forming. Let's take the example of reacting methyl bromide with hydroxide ion to form methanol. Here, the activated complex has carbon forming partial bonds to three hydrogens, a bromine and an oxygen, i.e. five partial bonds. However, as the carbon-bromine bond gradually weakens and as the carbon-oxygen bond gradually strengthens, the overall energy starts to drop. Eventually, the bromine atom effectively drops off (if the collision is successful) and the oxygen atom forms a bond with the carbon, in which the reaction is complete. This is what is happening when the energy is dropping.