Is it? It's a pretty poor metric in my opinion. I like my job and coworkers just fine but I don't want to hang out with them on a Saturday night.
So you like them as coworkers but not as friends? The holiday party, as constructed, would be a fine endeavor if you had the luxury of selecting who attended, right? So the actual party isn't the issue, it's just the people attending don't motivate enough to care?
I hate my job but like my coworkers good enough and I think we all kinda agree with this sentiment. Because of this or executives made the party next Wednesday afternoon and made it mandatory, (which speaks to the exact reason we all hate it here) otherwise exactly 3 non executives would attend.