There was an old thread with this heading but the solution wasn't clear.
What happens if you don't consolidate outputs in a blockchain.info wallet?
nothing will happen (directly) but in case of emergency you will have to spend a lot for the tx fee
the idea of consolidating utxo is to take the advantage on the opportunity of cheap network fee
so after consolidated you will have one single utxo ready for use
and when network fee is very high, your tx will need significantly less fee
compared to if you were to make the same tx with unconsolidated multi utxo
