I don't think it's a negative in absolute terms, it's just an argument against loyalty to a company. Loyalty is a two way street, and is defined by how people treat each other when times are tough.

It is common for companies to expect "loyalty" in the form of working extra hours when the company is in a tight spot or settling for meager raises rather than switching companies while at the same time laying people off at the first sign of trouble. In such an environment, an employee offering loyalty to a company when none is offered in return is setting themselves up to be taken advantage of.