Because it's not nearly over. In my experience, going into production is the most worrisome phase. For one thing, no matter how much you test and prepare, you just never know what's going to happen. For another, there are the initial bugs and user confusion that come with any new deployment, and the rush to respond to them effectively and quickly in order to maintain user confidence in the new system. And in the bank's situation we're not talking about an update, but an entirely new thing made from whole cloth (or code), if I understand correctly.
The outcome of the project, the goal, isn't to press the big red 'release' button, it's a stable, functioning system that meets the project specifications. When you have that, then you are done and it's time to celebrate. And exhale.
If it took your team an 18 month death march sprint just to get to the "red button" stage, I have a hard time imagining many people who wouldn't toss it all in without some kind of company recognition and were instead told "lol JK welcome to level 2 - hope you're ready to work harder now".
I'm not sure even the videogames industry could get away with not pandering to morale that badly without mass exodus.
The industry has a major problem with burnout. If we don't slow down, and take a break, then eventually, burnout becomes inevitable. The mind gets overworked.
Some people celebrate to recharge. Others stop using a keyboard, and find something else to do.
I don't recharge around others, I find it exhausting. But after a major project ends, I do usually find myself buying the new hit PC game, or taking a hike into the mountains.
Your coworkers celebrate, so that they can feel the weight of the release lift off easier.
Something else might already be playing that role with you - and some releases will be easy for you, and several months of hellish stress for someone else.
The issue was obviously a systematic one, and that 18 month slog would have been a horrific death march for the people actually working on the project so why shouldn't they be able to celebrate it being "over"?
Granted, it was a failure, but I'm not really sure what the floor staff - the actual "software engineers" who were pictured had to do with it when they were set an impossible goal to begin with...