1) men and women become more equal;
2) the remaining reasons for inequality become predominantly biological (because the social ones are reduced, while the biological ones remain).
But it is easy to make a completely opposite conclusion, such as: "if some differences are social, then all differences have to be social". And then, when trying harder does not change things anymore, it is only a proof that we need to try even harder.
My take is: don't describe things as biological unless you are damn well sure that they are. We (as a society) have been wrong too many times before.
(And similarly, this doesn't prove that everything is genetic. You can't get science by merely doing the opposite of other people's prejudices.)
The belief that nothing is genetic can also be used to oppress people. For example, you can dismiss highly intelligent people from poor families by insisting that high intelligence doesn't really exist and everything comes from universities, and then pointing out how poor people usually don't come from the best universities.
Any kind of incorrect belief can be strategically used to hurt someone.