Sure they do, but does the average consumer understand the difference between the regions and grapes? Probably not. I bet there are even many experienced drinkers who could not identify them in a blind test.
True experts can distinguish an astonishing number of characteristics of wine in a blind taste. Most people are not experts. The price of wine is also largely decoupled from how much any given person will enjoy it. (However, psychologically, you will probably enjoy a bottle you paid $100 for more than one you paid $20 for.)
Basically: Wine is not all just indistinguishable fermented grape juice, but most stuff written about wine is a combination of bunk and rarified trivia no normal drinker should care about. Drink what makes you happy.
Corollary: the wine in a €4 euro bottle is 3x as expensive as the wine in a €3 bottle €1.50 vs €0.50).
That broadcast was a while ago, so the details might not be exact. But the main point is that after the first (about) 3 euro, you're starting to spend money on the contents. Before, you're literally paying a few pennies for the wine...
* well, better than the £5 bottles you get here in the UK