Yes. Land Rover didn't want to spend the money federalizing Defenders anymore as it wasn't worth the investment. Particularly when the market was migrating to a more upscale and comfort oriented mindset.Defenders go for over $100K in the US because Land Rover stopped selling them here in the US in 1997 because they couldn't re-design them to accept airbags and they only sold a few hundred per year anyway. The juice wasn't worth the squeeze for little Land Rover at the time. Today, there are literally only a handful of running examples on the US market at any given time.
Today, the only stock(ish) Defenders that go for over $100k are the NAS110's. And honestly, I can't really understand why. They seem to keep trading hands among the rich who shop at ECR and Copley Motors, but they're still the same slow rust buckets as any ROW 110. NAS90's tend to trade from the mid $40's to $60's depending on condition and mileage.
Now that some more "modern" variants meet the 25yr criteria there are certainly more than just a handful over here. Particularly with shops making money resto-modding them.