I think in underexposed negatives, when you look in the shadow areas, they tend to look grainier (or dye-cloudier for color) - anyway noisier, and this contributes to an impression of lower sharpness. Sometimes this is pictorially fine, like if you're shooting a street scene at night. But if you were (for example) taking photos of a landscape or streetscape, and you examine it in detail for details of say a tree or a distant sign or whatever, the underexposed photo will often look like it resolves less fine detail due to the impression of noise. You can test this by taking the same photo at a few different exposure settings.
If so, you should see the effect more in the shadows, and not so much in the highlights, where the film received more or less enough light even when underexposed by -1 or -2.