There are thousands of smm panel services out there selling cheap social media platform Likes, Shares and engagement on posts.
If you are just looking to increase the number on your profile it might not matter, however if you are a business it will affect your social media profiles badly.
How is it bad for business?
To understand it better lets take a scenario. Business X a startup has 250 followers on Facebook. They decide to buy a smm panel service and bought 5K followers. This would reflect that they are lot of people following this business. Now startup X decides to show Facebook ads on their Business page. Now Facebook algorithm is designed in such a way that it will do target existing followers too, even if you do not choose the option for previous engagement. There are chances the people who follow your business might still see your paid promotions.
Out of this 5250 followers only 250 are relevant to business. This will increase your Advertising cost plus will generate unwanted views by people who have no interest in your business.
With fake followers and post engagement you will never be able to get the right results for your business. In short term smm panels might give you the numbers, But it will never give you business which is the ultimate goal for any business.