Generally it doesn't matter, but there are a few things to consider. Is you case going to be on the ground or desk? Is the ground it's going to be on carpet?
Because you can starve the PSU of air if you don't consider these things. With the dust on the ground or carpets which just completely cut off air to a PSU if you don't have it flipped up.
There's also a slight aesthetic to consider. For instance, Corsair PSUs look better fan facing up.
Finally cables, if you have a really tall case, sometimes it forces you to have a certain orientation so you the CPU power can actually reach the top left of the motherboard.