This HAS to be FAKE Enthusiasm RIGHT?

Well part of the “skin in the game” is continuing to have a job. Don’t think that should make you super happy, but the analysts at my fund that have limited upside with bonuses (relative to the more senior folks) are definitely much happier when we are doing well. I imagine that the enthusiasm would be more muted if the job stability were much higher though (which I imagine it is at your firm). 

But people do want to work at “good” firms, so some people are excited by that. 

I tend to share your perspective and, to extrapolate your point, always loved the scene in Big Short where Brad Pitt's character yells at the kids for dancing.  

So, I'd guess without any additional context that everyone from "analyst to VP" a "large institutional shop" is probably making all-in compensation that probably puts them within the upper 5% or 10% of people at their same age nationwide (and maybe even in CA, but that state has some wild up pay rates, so who knows...). Plus, everyone (yourself included) has like a 1,000,000x better shot a making the level where "real upside" is possible. So, compared to the average Californian or average American, you and your co-workers are probably way better off (esp. when age controlled for). This is just stating what is mostly pure statistical fact, no judgments (that next..). 

IF the above is true... they yeah, having enthusiasm for the firm/world can easily be legit. I'd guess those VPs are already seeing themselves at the next level and imagining the "better" life. Everyone who is positive is probably forward projecting and happy they have a very legit shot at the upside (I mean how many barriers has one broken through to just get a legit job at such shops..... these are not guaranteed by any stretch of the imagination!) 

As to you.... yeah, you are probably getting royally fucked by market and economy in some real ways (I mean CA just seems to suck to me... I don't live there...). Still, you are probably 1000x legit better off with one hell of a lot more future potential than others around you. Unless you are born into legit wealth, this is pretty much the way it goes for upward mobility in our industry. So personally.... I'd try not to feel bitter about it, just out compete those assholes and get their jobs!  

People can base opinions on principle instead of convenience

This is kinda what capitalism just is.

People just like succeeding/winning in this industry. Also there's the hope that if they continue to succeed they do eventually get carry.

When things are going well at your company, work is generally a lot easier. 

A rising tide lifts all ships or something like that.

Sure, the windfall isn’t as robust for the junior-level employees but your company’s success makes it easier to build off of from a personal career perspective. Coming from someone who worked for a company that went under, it was tough to speak to positive deal experience other than the old “learning from our failures” take when interviewing.

I work at a shop as an analyst and get carry. However I absolute loathe the fact how much rents have gone up and how it's near impossible to buy home. I really appreciate how much money I make but can’t help but feel like shit for having my company jack rents on the guys who bag my groceries or deliver my packages.

I also loathe how we just sold one of our properties to Blackstone.

I’m in CA and hate paying rents.

then buy a fucking house bitch 

So you didn't give a crap that rents and home prices were going up for the last 12 years, because you weren't involved, but now that it impacts you, you can't understand why anyone would be happy about increasing costs of living?

Are you serious?  

Also, of course homeowners will be happy when property values increase.

Maybe you should go get a second job and work a little harder instead of expecting everyone to hand you things in life, you snowflake.

I get what you're saying but you still making way more money than average American, in your employer point of view you still paid competitive enough that's the reason you are still working with them. not sharing any upside because they worked for it, when they started the firm spending years without any pay, sweat equity and sleepless nights. 

one thing is for sure we will never be happy with how much money we make, there's nothing wrong with it. if you're not happy where you are do something than Complain

My advice to you is instead of asking for carry on top of your current comp, go to your boss and tell them you want your next cash bonus in promote points or GP equity. They'll be impressed with your desire to invest long term in the firm and if you get it, you'll also get ~30% pay bump off the bat switching from income to cap gains tax (depending on what state you live in and your current tax bracket)

Note if you do this, beware of the valuation of the carry pool as your points will be based off this. If the valuation is overly aggressive, expect obviously to get less than they tell you initially

BTW market for a RE fund is 50% of carry goes to the house i.e. founders/shareholders, 50% goes to the employees. That said anyone even VP and below is getting nominal carry anyways.