For me, private equity gets a bad rep because they've bought up all of the local mom and pop shops for just about any service I need thats face to face. All of the plumbers, electricians, general contractors, vets, grocery chains, coffee shops, and other shit were bought and had every ounce of revenue squeezed out of them. The result? All of the things I need locally cost 3-5x they did and the service is far worse.

And as a quick edit: none of these examples I have were of failing businesses. Each of the owners had their reasons, but none was due to it being necessary for survival. PE on hackernews tends to focus on software/bigger purchases, but so much of the damage in my opinion is on the local and smaller scale.