It is obviously doing a disservice to students waiting for their final grades who might need them for financial aid purposes etc. Course faculty involved in this would also at least have some explaining to do for essentially not doing their jobs. Beyond that, what do the consequences entail for those two levels and beyond e.g. program or department administration and higher?
Probably none, especially now, and especially if it is a one time thing.
Bad things happen. The "higher ups" need to deal with those effectively so that they don't recur.
But there won't be much beyond a possible apology and a report, though a reexamination of policies may occur.
Pandemic disruption is pretty widespread. Misfeasance also, I suppose, and repetitions and/or carelessness will have repercussions, up to termination. But people aren't perfect.