What could happen to you is that your hearing apparatus gets damaged to the point of getting permanent severe tinnitus and hyperacusis. These are not mild conditions - they are life changing conditions that bring people to the brink of suicide.
To give you an idea of how serious it is, it is just second to Chronic Pain in terms of suicide ideation in the population, and higher than Parkinsons', Insomnia, and advanced cancer. See https://journals.lww.com/thehearingjournal/Fulltext/2016/070...
Tinnitus has no cure and no viable treatment other than mind-related techniques to help you cope: there is no way to lessen the symptoms. It is a terrible predicament to be put in, and if you are unlucky enough to suffer from a severe version of it, it can easily take away your ability to think, socialize, and sometimes perform basic tasks.
Unfortunately, protecting your hearing isn't sufficient to dodge tinnitus & hyperacusis: there are other ways that can lead to it, such as ototoxic medications, ear infections or other ear conditions such as otosclerosis, cholesteatoma, etc. Still, it's your best line of defense, as one of the biggest causes for Tinnitus is noise induced hearing loss. Please take it seriously.