What would be the consequences of PH=PSPACE?
$\mathsf{PH}$ collapses. A $\mathsf{PSPACE}$-complete problem must be in some level of $\mathsf{PH}$, say it's in $\mathsf{\Sigma_k P}$. Since it's $\mathsf{PSPACE}$-complete$=\mathsf{PH}$-complete (by assumption), $\mathsf{PH} \subseteq \mathsf{\Sigma_k P}$.