The idea that S11 and S22 must always be great (and under 'great' is usually understood <-10 dB) is a myth. It all depends on the situation and networks around the device you are discussing the S11/S22 of.
In fact, demanding good S11/S22 when it is not in fact needed can lead to sub-optimal performance.
Low-speed analog design usually has S11 = 0 dB or something, and I've never seen anyone complain about that.
That said, in situations where it does matter, having bad S11 or S22 can result in standing waves, oscillations, suckouts, damaged components, poor performance, bad SNR, etc...