Now, the consequence of that is for example that players fake injuries constantly, as they can't be reasonably penalized, but the faking might yield a penalty kick or a red card to the other team. However, it makes the game incredibly cringeworthy to watch.
Contrast this to ice hockey, where the minimal penalty is a timeout of 2 minutes. It's enough to put your team in trouble, but you can recover by playing careful defence for 2 minutes. So if a player fakes injuries or otherwise behaves in a minor bad way, the referee can give them a 2 minute penalty - enough to punish, but not enough to skew the rest of the game.