I need this to be enabled? How do I do it
It is a bit misleading but if you have Bridge with only one Suite app (like Photoshop) the color settings of PS are reflected and respected by Bridge. Only if you have more suite applications the option is able to change. They really should change this behavior because you are not the only one wondering about this not being enable to set. It should be made more clear that in a one app situation Bridge is auto color managed with the suite it came with.
I have Illustrator and InDesign so not sure why I cant do it.
Then that is strange indeed
First set ID or Illustrator to the wanted color settings and then check if you can select them in Bridge. If not restart Bridge holding down option key (mac) or control key (Win) and choose reset preferences to reset prefs to factory default. This solves usually a great deal of the problems for Bridge.