It's a very effective manipulation technique - get the person to commit slightly past their comfort zone.
For instance, the Nxivm corporate training scam / sex cult [0] operated this way. At your very first meeting they'd ask you to wear a coloured sash and bow to the seminar giver. "It's just like judo!," you'd be told. "We're bringing a bit of fun to corporate training! Don't be such a grouch!" But of course the function was to (a) make you say yes once, which means you're now slightly committed, (b) make you look slightly ridiculous, which naturally makes you defensive and feel closer to your fellow ridiculous people (the ones in sashes), (c) make you give up a bit of your 'face', to make you more vulnerable and open, (d) weed out people strong enough to say no.
And once you're sitting in a sash, letting your guard down, comes the next thing. And the next thing. And the next thing. And after a thousand and one little pushes, you're so committed that you know you look absolutely insane from the outside, and it feels like the only future you have is within the organisation. You've committed so hard, bit by bit, that you no longer see a way out. And that's how you wind up with people getting branded for their slave master. [1]
Now I'm not saying Walmart brands women (though I'm not saying they don't - I have no evidence either way!), but it's worth noting that the only purpose of a tool like a 'corporate cheer' is to short-circuit your rationality and force an emotional commitment and loyalty that the business has no right to, and is unlikely to get from a purely rational employee. It's not just a fun little thing that may be inadvertently somewhat manipulative, it's a textbook manipulation technique.
So my 2c for anyone being asked to give a corporate cheer is to politely say no, and then think very hard about what kind of employer uses manipulation techniques to ensure obedience.
[0] https://en.wikipedia.org/wiki/NXIVM
[1] https://www.nytimes.com/2017/10/17/nyregion/nxivm-women-bran... (https://archive.is/Wv4Qc)