I don't think it's anything against your generation, but I do think your reaction has something to do with how your generation has been conditioned.
For the record, I'm an Xer, so I don't have that much room to talk, but it was still different for us.
As I was getting older, back in my school days, more and more laws were passed to prevent punishment of children for anything wrong they did in school. Consecutively, the direction for approval took a sharp turn towards people making a big deal out of everything good that you did.
Psychiatrists agreed (in which laws soon followed) that you couldn't do or say anything to a child by way of punishment that would embarrass them. In other words, not only was paddling taken out of schools, but you couldn't even make a child stand in the corner of the classroom for punishment. Instead, people were instructed to ignore the bad behavior for the most part and jump to the other end of the spectrum to go above and beyond to praise kids who were doing things the right way.
At a young age, it seems like a good idea, but when that continues throughout childhood, that child becomes an adult who has been conditioned to have a strong need of praise and approval. Gen Y just caught the beginning of most of these changes, so I can't imagine how it's going to be in another 20 years or so.
When these kids grow up and get into the real world, it seems like a pretty harsh place, because there's no one there to hold your hand and stroke your ego. I don't think lack of praise is limited to just this industry, I think it's pretty common with all of them.
For the record, I see absolutely nothing wrong with wanting to get a little of that stuff, I just wouldn't expect it.