No steel bumper provides protection for the vehicle against high-speed collisions.
The vehicle has crumple zones. Adding steel to the front only makes it more likely that the crumple zones will be initiated at lower speeds. It's counter-intuitive at first, until you think about the physics for a minute. If the crumple zone was designed to initiate at X force and force = mass x acceleration - if you increase mass and keep acceleration constant you arrive at X force faster than lower mass and same acceleration.
Similar, if the airbag sensors are set to deploy at a certain force rating, adding mass allows that threshold to be met sooner. In most cases, this is what will happen if you add a steel bumper, the airbags are more likely to deploy in a lower speed collision.
Steel bumpers help with approach angle and protection against low-speed collisions. Don't count on using them to ram through a barricade of people or deer at 50+ mph. At 20 you might get away with it.