Yes it does. So many people travel without the basics.
I remember reading some years back about a couple being found dead of thirst in the Sahara desert, in to which they went on a day trip... without bringing water.
I heard Joe Rogan (not a frequent listener, but figure he deserves credit) say this once, paraphrased: Look at a 7-11 counter full of cheap pocket knives, $1 lighters, flashlights, and other stupid items. There comes a time in many peoples' lives that they would trade their entire wealth for access to a single one of those tools in a time of dire need.
Spend a few hundred dollars, pack it away, and hope you wasted your money. It's the best possible outcome. But should you need anything in the kit, that $300-500 you spent will have the highest return on investment on anything you bought in your lifetime, even if you were an early adopter of Bitcoin or Google.
Almost everything else on the list is space efficient and/or packs in specific areas in your car made to store things like tools, spare tires, etc. People have a lot of room in their vehicles that go to waste simply because they don't read user manuals.
Additionally, you should obviously carry plenty of food, potable water, basic medical supplies including a round of antibiotics, tire inflation/repair devices, a multipurpose sharp knife, two long-lasting external batteries for your USB devices that can also jumpstart a car (super cheap on Amazon, surprisingly), and potentially a firearm if you're into that kind of thing and trained to use it. Standard prepper checklists will work here.
It sounds like a lot, but even semi-rural travel 15-20 miles off marked and standard roads are dangerous as hell, as this story and others clearly can show. You will almost certainly never need all of your equipment, but if you travel even occasionally, you will absolutely need some of it - and you won't be able to predict which piece of gear you do need. It's about being prepared for a wide variety of events, not one severe event.
Nature doesn't cooperate.
EDIT: Forgot, pack a basic set of tools: Screwdriver with various bits, socket wrench (ideally with an extension), car jack, pliers, length of wire, length of rope, aim-and-flame extension lighter (vastly preferred to a handheld cigarette lighter and not any more expensive; get a flexible shaft if you want to be fancy and shell out an extra $2), tire iron (add a breaker bar, probably), and a stack of kindling, which can simply be a bunch of old or free newspapers.