As the clearance between the 2 parts increases, the bearing surface (and therefore support) area decreases, the spot contact pressure increases. That causes the bearing to run hotter (here the oil may burn) and as well, it will wear faster.
While not super critical in this particular application, it also causes the shaft to run off line that it was designed to run on. With some installations (not really so here), that can cause wear on other parts, mesh of gears not to be correct and on it goes.











