I think it depends on who has the hot paper and who has the outdated results. I was in academia for quite some time and when sometime cool comes out that renders other results less important, there are always winners and losers beccause the only thing that matters in academia is impact and the latest and greatest - not the blind alleys along the way.

There isn't really an "us" in academia like there is in a private company, who all have a common goal: in academia the goal is to get there before another does and be on top.

The perspective changes if you're in your last year of PhD as GP said. I'm sure the system is built in a way that you'll still graduate because your supervisor knows this is about learning how to conduct research and not about being right. But it's likely still soul crushing to come out with no published paper (unless you still publish knowing you're wrong, which in some cases might be valuable).