The main consequence is the lack of shock performance because of the inconsistency in rebound and damping. Air might have migrated to the main chamber and created bubbles, but if you feel no clank sounds (especially on rebound) then everything might be correct. Try to run it with the proper pressure and see how the shock feels and how the adjustments change the feel of the shock.
I would bleed the shock If I were you, but you might be OK.
I would bleed the shock If I were you, but you might be OK.