For example in Japan, companies actually go out of their way to do things for you outside of your work, like find you a significant other.
If a company actually did things for me to try to keep me happy and treated me well, I think I would feel some sense of loyalty too. Unfortunately it seems hard to find these kinds of companies nowadays.
This behavior also makes sense from an economic perspective: It's much harder to find new personal and train them to work with your team and technology than bridging the gap for a while and taking profit cuts, especially for smaller companies with less marketing/hiring power.
There are actually state-controlled instruments that support this: Kurzarbeit (where everybody gets to work less and the state pays a subsidy) and similar support.
Big companies (public or private) have evolved beyond that and are more of a system than a person.