In a large bowl, whisk together the pancake mix and cinnamon. Add the grated carrots, crushed pineapple, walnuts if using, vanilla, and milk. Stir just until combined. The batter should be slightly thick but still pourable. Try not to overmix so the pancakes stay fluffy.
Heat a skillet or griddle over medium heat and lightly butter the surface. Scoop about ¼ cup of batter per pancake onto the skillet.
Cook for 2 to 3 minutes, until bubbles form on the surface and the edges look set. Flip and cook for another 1 to 2 minutes, until golden and cooked through. Repeat with the remaining batter.
To make the glaze, stir together the cream cheese and powdered sugar until smooth. Add milk a little at a time until it reaches a drizzle-friendly consistency.
Serve the pancakes warm, drizzled with the cream cheese glaze and finished with an extra sprinkle of walnuts if desired.