The expression means this:
Loved for who you're not: They love you for something you think you are, but you really aren't...example...say you're in college, and everyone loves you cuz they think you are rich or something.
Hated for who you're not: Let's say, you stand up for what you believe in and stick to what you think is right, but others hate you because you don't think the way they do. You're hated for being yourself, and not who they think you should be.
At least that's the way I learned it.