From the bit of research that I did on the product I understand that Meta-Crill is essentially composed of small beads (similar in composition to glass or acrylic) that are injected into the lips to induce collagen production and general volume increase.
I think you misunderstood when it says that it phagocytizes. This would require that the substance be alive and able to carry out a complex function as such. From my reading I found that the beads are incapable of being phagocytized. This basically means that it won’t be reduced by the living cells and organisms in your body (and is thus permanent).
The product is biologically inert and won’t be absorbed, also adding to the permanence.
I don’t necessarily think that it’s dangerous at all; whether or not it’s necessary is another question.