I don't think it's a consequence so much as it's symptomatic of that line of thinking. Marvel had been rapidly sinking because of endless crossovers and a policy of flash over substance. Heroes Reborn is just a capstone to that line of thinking, that the way to patch the ship is to sink all their major franchises into this sort of cheap ploy.
I don't think you can remove the whole 90's implosion from the equation, simply because it is the worst thing to happen to comics in the recentish past. If anything, serving as the low watermark of the nineties implosion makes it all the more meaningful a disaster.