“A company may lay off an employee when it doesn’t have the resources to retain them, while a company may fire an employee who isn’t meeting the company’s expectations.”
Sure, they both suck because they both result in you not having a job anymore. However, if you are fired, then this looks worse when you’re looking for your next job. Potential employers may want to know why you were fired, and will likely view you as a risk.
Whereas, being laid off doesn’t carry the same negative impact to your reputation that being fired does. You haven’t done anything wrong to get laid off.
And in some countries, getting laid off (AKA made redundant) means that the company has to provide a payout, which is proportional to your length of service. You wouldn’t get this if you have been fired for wrongdoing.