1. In cases where your system is broken and program can't access the libs correctly
2. The effect will be that a system that was already in a bad condition will end up in a even worse condition
The reason that all programs try to access this file, even if it's not present, is that it tells the programs which libs to load first before doing anything else.
At that point in the execution the program does not yet know it doesn't exist so it has to try it.