Except it isn't a single wire with everything connected to it.
The canbus is a databus that passes information between control modules. The simplicity of the system is that it breaks everything down into simple digital input/output signals that can be controlled via internal software. The digital inputs carry minimal current, so require very small cable sizes, the outputs can simply be switched as required.
In theory the whole thing is easier to diagnose because everything is either on or off and can be tested individually using the diagnostic systems. In practice it's fine as long as the modules talk and control properly. Most problems will occour over time when dirt and corrosion get into contacts and network connections.
These systems have to be designed to take catastrophic failures, or worst case scenarios, into account. So theres a control module for lighting/turn signals and horn. another for starter/alternator and another for engine management etc. The worst case scenario is the canbus ceases to function. If that happens each control module can still control to a pre defined condition. If evrything sat on a single wire then it would be very dangerous in the event of a failure.