where would that leave Coinbase depositors?
It will leave them with a lot of losses. Most of which cannot be reclaimed.
These companies spend a lot to protect themselves if situations like that happen.
The worst part is there is nothing you can do about it, the money is gone. Sure, some people might get what they're owed, but those are mostly the top guys that can make a lot of noise. Cases like this take so much time in court and even after 3 years some people would not have received anything and may never receive it.
This is why leaving your money in an exchange is never advisable. They will tell you how safe your money is and all, but that's what everybody does, you don't expect them to tell you that your money is unsafe with them.
If anything like that were to happen, for the short term, Bitcoin price would also take a major hit, but after a while, it will be corrected.