Due to the 3 place podium, regardless of the type of competition second place looks like narrowly missing a total win, while third place looks like narrowly missing a total loss. People tend to look at the alternative to decide their relative feelings.

It's why even tragic situations can be an opportunity to be happy because the alternative is even worse, while some happy situations can be disappointing because they could have been so much better. Or the stock market where a modest win that could have been huge might feel worse than a loss that could have been huge.