No, because not every value is equally likely. By far the most likely value in any given memory location is zero, probably somewhere on the order of 30%. Go on, pause a running program and look through its memory in the debugger.
The next most likely value is probably 1. -1 will be quite high up on the list also.
Why do you think a bug that it due to an uninitialised pointer often goes unnoticed for so long. Its because the value randomly happened to be NULL and thus terminated the linked list, or the program knew to allocate memory for it rather than trying to just use whatever it pointed to, or ...