To my knowledge this does not have any direct impact to the CPU branch prediction mechanism. If that had been the case then we would at least have some x86-(64) instruction to manipulate with the BP. If I write a quick example such as https://godbolt.org/z/j7Y81j5fe, I also see no such instruction in the generated output.
But what likely/unlikely mechanism can do is that it can serve as a hint to the compiler which the compiler can then use to generate more optimal code layout. For example, if we provide the compiler with likely/unlikely hints in our code, compiler will try to use that hint to stitch together the more probable code paths first. In theory this approach should result with better utilization of CPU instruction cache and thus it may lead to better performance.
But what likely/unlikely mechanism can do is that it can serve as a hint to the compiler which the compiler can then use to generate more optimal code layout. For example, if we provide the compiler with likely/unlikely hints in our code, compiler will try to use that hint to stitch together the more probable code paths first. In theory this approach should result with better utilization of CPU instruction cache and thus it may lead to better performance.