The OP is not exactly wrong, if geometry is taken advantage of, or knife use is as mundane and infrequent as most of the population experiences.
They all cut, they all eventually get dull. For knives, the difference is negligible for 99% of the time of even those who EDC. These steels need to be different for stamping dies, extrusion tooling, milling and cutting bits, doing things at tens of thousands of rpms, or at hundreds of degrees F/C, or at thousands of psi, or in environments corrosive enough to liquefy our lungs. For opening the mail, slicing an apple, cutting a couple, not hundreds, of cardboard boxes, not so much difference. For most work environments, knives don't do a lot. There are jobs that consist mostly of typing, mostly of talking, mostly of driving, mostly of lifting, mostly of hammering, mostly of wrench-turning, mostly of cutting with power equipment, and a very few mostly of cutting with hand tools that are not scissors/shears/snips/saws. The industrial/commercial knives for those jobs are often low grade and disposable, resharpening and long term use is generally an afterthought. We are a group mostly of enthusiasts.
The Yugo/Mercedes comparison would only work with knife brands/features, not the singular facet of steel used. More apt would be comparing a 200 hp Mercedes to a 500 hp Mercedes when going to the store. As a daily activity, where you are probably following the speed limit or close to it, the extra 300 hp does nothing for you. Cafe racers can use it, fun days at the track can show the difference, but if you drive a car just to get from point A to point B, then the performance never shows because you never perform. Same with a steel that never cuts anything, or cuts with an edge left close to factory angles and thickness. Even 70 Rc Supracor on an edge 50 degrees inclusive and 0.030" behind the bevel is going to suck at cutting. But you could install a nitrous kit or aftermarket supercharger on either Mercedes, and still only grab groceries in it.
http://www.bladeforums.com/forums/showthread.php/952337-The-3-percenters
I could also do a thread for my M390, S90V, CPM154, CPM M4, CPM 3V, CPM S30V, VG10, 440C, VG-1, Vascowear, Aogami Super, X39Cr13, AUS6, AUS8, 8Cr13MoV, 50100B, 52100, 1075, and 1095 knives, but those steels are so boring.