I am familiar with how an IRR is calculated and what it metrics.

If you don't have an initial outlay the whole calculation is void and irrelevant.

As soon as you start managing Other People's Money you become the manager/operating partner. You cannot use management fees and carry into your own personal IRR calculation completely ignoring the entire project/transaction/trade's outlay unless you were to assign an opportunity cost to that calculation.

If you went to a VC or PE shop attempting to raise money for a fund or project and started discussing your infinite returns in response to their inquiries over your historical track record you would be laughed at and shown the door.

The whole calculation is immediately void (undefined) without an initial outlay not infinite. Your outsizes returns don't continue to grow into perpetuity.

Masquerading around telling people about your infinite returns is ridiculous and very misleading.