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Having large debt matters for how expensive access to cash is. No matter how "fake" it is, the financial system puts a premium on how long it takes to get their lent money back. The longer it's stuck, the worse the reputation of getting it back, or simply the higher the demand — the higher the premium.
And as you need cash to make payments for goods and services (as opposed to tax rebates) that has the effect that US tax dollars and investments have lower rate of return as sufficient cash gets more expensive.
Another part is that the debt will be taken out in some form, e.g. foreign currency, making that currency more available for cash transactions (while at the same time making yours' less available due to being locked into what you needed it for). This shifts trade away from USD, which makes it much harder to influence/control what it's used for, how much it's worth, and harder to make people care how much of it there is.
As the world trades in something besides USD and/or avoids investing in the US due to high costs/volatility, the US gets less relevant/influential in global policy, diplomacy, business, investments and even domestic policy.