On knives like the PM2 and others that aren't built to the same tolerances as something like a sebenza, or that have frames that have some give in them, the blade will move to one side or another as you tighten or loosen the pivot because the lock is applying force to it, and the tension of the pivot counteracts that force. I the case of the PM2, the lockbar for the compression lock is always pushing against the blade, and the tension on the pivot holds it in the center despite this. When you loosen the pivot, any gap between the blade and the scales, and any give in the materials for the handles will allow the blade to move to one side or another.
Usually loosening the pivot will also cause blade play to develop for the same reason. It doesn't happen in Sebenza or other high-tolerance knives because there is not enough room for the blade to ever wiggle or move from the center, regardless of the tension from the lockbar or the gaps.