In some ways this is a negative. Issuing dividends means a company thinks that an investor can get a higher return on the cash elsewhere. I.e. there is a lack of profitable opportunities for the company to invest their cash pile.
True, but with such a giant pile, it is only saying that they can't invest the part they return (which is a small percentage of their total).
It also indicate fiscal conservatism in a not-yet-recovered economy, which can be a solid positive.
If I was a start-up, and you gave me $10M seed money, and I gave it back to you a year later saying I don't have any ideas, would you call me fiscally conservative, or a waste of time?
Economies of scale make that analogy not relevant.