I suspect we will soon find out. If there is less capacity to do this, then prices will move by larger amounts and remain away from equilibrium values for longer. Volatility will be higher. In itself, this is not necessarily a bad thing. It is what it is. But with higher volatility, the distribution of price movements will have fatter tails.
Overshooting will be more likely and that can have long-lasting and more deleterious consequences. Given that, some have recommended that central banks step in and play the role of marketmaker of last resort. Without debating the merits of that proposal today, it is worth pointing out that the term “market-maker of last resort” is misrepresenting the role being played here.