Does it? Because most studies find that people living in the same country are indeed more closely related to each other than to people of different countries, roughly according to what you would expect from geography, and the simplistic categorization of humans into ~5 races corresponds well to clusters on a genetic map. See:
https://commons.wikimedia.org/wiki/File:Individual-level_hum...
https://commons.wikimedia.org/wiki/Category:Principal_compon...
For a longer examination, see https://slatestarcodex.com/2014/08/12/does-race-exist-does-c...