Having lived in that part of the world - I know the fans are football mad but their perception of the game and its heritage is very different to ours.
They will pick a team - Juve, Barca, Real etc and follow that team intensely - similarly, they will have an International favourite - Brazil, Argentina, Italy etc - as well as being patriotic about their own team. I don't think they are as invested in the Euros as much. Having the WC every 2 years means their own teams are constantly involved. Not having to wait every 4 years (longer if they don't qualify) to play a part.
Personally, I like the format the way that it is,