It has not imploded because it was privately bailed out.
If it did implode (Ch 11 or Ch 7 BK) - it will start to have major impacts on the NYC and other real estate markets. It’s the largest lease holder in many cities.
I still don't think that would have had the same downstream macroeconomic effects as, say, exploding mortgages for millions of working and middle class Americans. Nobody leasing their commercial properties to WeWork is one missed paycheck away from homelessness or health crisis.