Hate is a continuum of horrible things. Once a group of people is dehumanized, perpetrators of hate will do things that range from "well, that person just doesn't _belong_ here" to the most horrible crimes imaginable.
Platforms that foster hate-bait loops will lead to such dehumanization not only taking place, but being amplified and shared and reposted. (Musk is also organizing his own hate campaigns every day.)
That has real-world consequences, whether anyone observes them or not.