Google Search may disregard outbound links from websites that do not comply with its search spam policies. John Mueller confirmed that this practice has been in place for years, both manually and algorithmically. He stated that if a site links out in a manner that is unhelpful or misaligned with Google's policies, all links from that site may be ignored. For certain sites, the value of links may not be worth considering.
"If our systems recognize that a site links out in a way that's not very helpful or aligned with our policies, we may end up ignoring all links out from that site."
"I'm not sure what you mean with 'has a link penalty', but in general, if our systems recognize that a site links out in a way that's not very helpful or aligned with our policies, we may end up ignoring all links out from that site."
"For some sites, it's just not worth looking for the value in links."
Read at Search Engine Roundtable
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