Very true, which is why it's such a scam to sell extended warranties here in NZ, as you get almost no value for it. Yet allot of the big retail chains still do it.
It's a reasonable of life warranty in nz. 2 years is standard for products.
But a fridge would reasonably expect to last for all least 4 years so the manufacturer would be obligated to cover it if say the compressor failed. But if it was something like an electric toothbrush then 2 years would be the warranty.