Pearly penile papules are harmless and popping papules will expose them to possible infection. Not only can they get infected but think of the warm, moist area you keep your penis in...ideal breeding ground for bacteria to thrive if you do get an infection.
Whatever you do, do not ignore unusual bumps on your penis. It is always best to have a physician diagnose your issue. If it turns out to be just pearly penile papules, you can rest easy.