Southern California is a great place to live. Especially if you don't have to commute too far for work (that can be a deal killer). There is a decent amount of nature (open space parks, beaches, 10k ft mountains with skiing, desert) all within a very reasonable drive. Within a days driver are the icons of America: Yosemite, Grand Canyon, Death Valley, Big Sur, Lake Tahoe, Sequoias, even Vegas, etc. I am lucky to live close enough to an open space park to run on trails pretty much all the time. I grew up on the East Coast, had a job in the midwest, then came to CA for a job a few years after college. I thought it would be short term, but I still love it here 20 years later. I run and mountain bike year round.
I have a modest salary and I am not over leveraged, I & Bank own my house and I pay cash for my cars, always used. I know lots of people who are leveraged to the hilt. I also know lots of people with crazy amounts of money. I also know people who live month to month, share apartments, etc. This is just like almost any place, but the population density is higher.
California has the 6th largest GDP compared to all Countries on Earth. There is a lot of money here. It is a huge state with almost 1/6th of the population of the United States. Obviously, it is a huge contributor to the overall well being of America. However, this is true of the Eastern Seaboard also. If you drew a single state the size of CA on the East coast, it would go from Maine to North Carolina and cover every major city from the coast inland for 150mi+. There is a lot of money there too. It is not quite as visible through so many more trees and so many state lines.
Population centers are the reason America is a Super Power. A huge concentration of an educated workforce and companies that employ them and innovate products are the economic engine of America. Those who say they hate CA are allowed to have that opinion, but remember that America could not be what it is without CA.