Well, the first implication is that online politics becomes even more of an astroturfed disaster area than it already is. Quite possibly democracy as a concept splits into two halves:
- "control plane", a media ecosystem where everything could be fake
- "ground plane", in-person gatherings and demonstrations, which are much harder to fake but have extremely limited access to information and are easily suppressed
I don't see why you'd take it to such an extreme. All it would mean is that chatter on medium to large open media is largely fake. Not necessarily a bad thing since a significant minority of it already is, but many people don't realize. But you'd still have endless personal networks, friends from real life, and so on.
I think the general outcome is simply a devaluing of open online chatter as a whole, which I definitely don't see as a bad thing.
