McCarthy had, reportedly, already moved his stuff into the Speaker's office in anticipation of winning the position. The image of Kevin McCarthy having to pack up his shit and shamble down the corridors with a cardboard box, is a scene too delicious to ignore. Picture Steve Martin when he gets kicked out of his home in "The Jerk".
https://www.youtube.com/watch?v=rSWBuZws30g
But ... as engaging as this complete and total clown show is, the ramifications are pretty crazy. The US House doesn't exist, so there is effectively no governance until the Speaker is elected. The Speaker's first job is to swear in all members of Congress, and until they're sworn in, there is no Congress.
Speaker is part of presidential succession. If Biden has a heart attack, Harris will become president. If Harris is incapable of acting as President, then the Speaker is supposed to be next in line. But there is no Speaker. I don't know if they've figured out how to handle that mess.
If there was any international incident that required an act of Congress to respond, again, US is dead in the water.
Christ, even a circus has a ringmaster!