1998 Camry with 122K…I hear a loud squeaky noise anytime I hit the smallest of bumps. Also, over the smallest speed bumps I hit bottom if I am not extemely careful. Other than that car drives and handles great. Are both symptoms and indication of new shocks/struts are needed? If so, what would happen if not fixed? Could it be anything else?
Yes.
Bottoming out could possibly damage or remove your exhaust system or even clip the oil pan.
Do you have stock tires inflated to spec?
I doubt it.