Agree 100%
It is ego, and it's one of ego's most important roles, managing risk.
When we lived on the plains it was more important not to lose that leg of lion vs gaining a second.
Losing it would result in death, gaining one would only result in a bit more life.
Today, that means that if on a happiness scale, we won $20 it would move positive a bit; but losing $20 it would move in the opposite direction a lot.
It's why most people buy high and sell low, they hate losing more than they like winning.