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It's one of those surnames-as-first-names names that was ahead of its time and burned out before the fashion really got going. Like Hillary.
Fallon had a brief spurt of modest popularity in the eighties because of a character on a show called Falcon Crest (or maybe it was Dynasty? FC was a spinoff of Dynasty) that was very popular at the time. Alexis got really popular in part because of the Alexis character on Dynasty, but Alexis has lasted a lot longer than Fallon and is still going strong.
Fallon isn't an ugly sound, but it's not very attractive to me either. I'm really too young to have any clear memories of Falcon Crest (or Dynasty) but the name still has a strong damaged-filthy-rich-woman-on-a-prime-time-soap feel to it.

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Here in Delaware we had a state legislator for years and years and years whose name was Tina Fallon. She died a few years ago but was a real institution in the state; I've never met a Fallon in real life, and I wonder if it was ever used much in Delaware at all. Can't speak for Oklahoma, though we do have a governor named Mary Fallon (might not be the right spelling, I forget.)