I've been in a team that I wanted to be loyal to. I'm actually still friends with some of my former teammates from there. It was a great job right up until the point where they laid off as many people as legally possible and lied about the reasons.
It might be different for an employee-owned cooperative, but if you're working for a corporation, loyalty is a bad tradeoff even if you like your team. The risk/reward of things like being honest with your manager about what isn't working just isn't there (and you'd be surprised - or maybe you wouldn't - how quickly a seemingly friendly manager can decide to act like a total dickhead, and there's nothing you can do about it if they do).
It might be different for an employee-owned cooperative, but if you're working for a corporation, loyalty is a bad tradeoff even if you like your team. The risk/reward of things like being honest with your manager about what isn't working just isn't there (and you'd be surprised - or maybe you wouldn't - how quickly a seemingly friendly manager can decide to act like a total dickhead, and there's nothing you can do about it if they do).