Totally agree that it does not point to toxic culture per se. It's just an easy way to spot something wrong at this angle.

Though both explanations may also point to something:

* If values changed, but company did not bother to communicate them, then they are not important and not applied in daily life. This is not necessarily a bad thing at the moment of observation, but it may lay a foundation to toxic culture eventually.

* If different parts of the company have different values, then the decisions where those values would have been applied may result in a conflict between those parts. Red flag.