The key here turns out to be the leading caret, ^, and the .*
(?! ...) is a look-ahead construct, and so does not advance the regex processing engine.
/(?! ...)/ on its own will correctly return a negative result for items matching the expression within; but for items which do not match (...) the regex engine continues processing. However if your regex only contains the (?! ) there is nothing left to process, and the regex processing position never advances. (See this great answer).
Apparently since the remaining regex is empty, it matches any zero-width segment of a string, i.e. it matches any string.
[begin SWAG]
With the caret ^ present, the regex engine is able to recognize that you are looking for a real answer and that you do not want it to tell you the string contains zero-width components.
[end SWAG]
Thus it is able to correctly fail to match when the (?! ) succeeds.