I think it may hurt your chess in a way that your brain gets used to quick and straightforward thinking. I notice after playing too much bullet, I get lazier when it comes to deeper thought. Something like a different state of mind, which rectifies itself after playing some games with longer time controls again.
At least that's how I experience it.
Speed chess does not promote "quality" chess skills IMHO
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Blitz, bullet and other forms of speed chess in the words of Bobby Fischer "kills ideas". What are your opinions on this? I personally am not a fan for the same reasoning. It seems like speed chess is more centered toward gratifying an audience with quick excitement or personal strokes of the ego as oppose focusing on the heart and soul of true chess which is tactics and well thought through strategy.