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Does a domain's past usage permanently change what it is?

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When a domain has a visible history, like spam, controversy, or a failed startup. Does that history become part of the asset itself?
Even if the DNS is clean, the registry status is fine, and technically it's "just a string"…

But does that history ever really disappear?
When you see a domain with a past, do you treat it as neutral?
Or does past usage permanently affect how buyers, partners, or markets interpret it?
 
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