I noticed this in video games rather than on-screen text scrolling. Some of them had a weapon selection, but instead had mouse-wheel-down “decrease” the weapon slot, and mouse-wheel-up “increase” it. However, the game also used the mouse wheel for other things, thus changing it to my preference had some unexpected side effect.
In any case, mouse-wheel to scroll view works because of the mouse-pointer paradigm. Move both mouse-wheel and mouse in the same direction, and the pointer is further along the content. Move them in opposite directions, and the pointer tends to hold position relative to content.