It has more to do with the price. Premium gasoline costs more for two reasons. It costs more to make. And, there's more profit added to premium by refiners and retailers. But, premium gasoline doesn't cost more because it is better.
Premium gasoline has a higher octane rating.
If your car doesn't knock or ping on lower octane gasoline, paying for higher octane is a waste of your money. Higher octane does not mean better quality and it will not result in more power, better performance, greater gas mileage or anything else. Some high performance cars were designed to run on premium gasoline. In that case, the owner's manual will clearly state you should use only premium gasoline in that vehicle. That's what premium was made for.