There is no passion for making games. The founders started the company solely to make money, the only reason they picked games was because it was profitable at the time. They love to grow by acquiring companies, but are not competent enough to handle it, so they destroy the relationships with their employees, causing morale to decline. And then they act surprised about it.
They have a very old tech stack, with heavy technical debt. It can easily feel like you're working at a bank rather than at a video game company. The backend is a badly designed Java monolith, and any attempt to break it up into smaller services or moving to to more modern languages is shot down instantly by management.
Management likes to claim that you have huge freedom at MAG, which is a big lie. Management tightly controls which games get worked on, and if a game gets canceled they don't hesitate to fire anyone involved with it, if they can do it legally. The CEO claimed that he is not a big fan of Swedish labor laws, saying that "I think the one who pays the bills should be in control of who gets a salary".
It's also not a safe working environment for women and minorities. Management is obsessed with attracting women which means that the few female employees are always pressured to help with recruiting even if they don't want to. Unlike most of Sweden, there is a strong "brogrammer" culture, with "edgy" jokes with racial slurs not being uncommon.