I fully concur.
In fact, many people based in HK are wine lovers and I think that the wine list could be a point of competitive advantage. On some regional flights these days, all other things being equal, wine is one of the things I will use to decide whether or not to fly CX - basically not, as what happens is I remember how underwhelmed I have been with their wine list. The wines are not good, and getting worse, and also often there is an availability problem.
A "wine forward" approach is long overdue. QF, for example, although their New World focus is not my style, comes across as much more serious and thoughtful about wine. CX, as well as having a proper French wine list and the stock on that list, could also consider e.g. some Asian wine (I don't think they're great myself, but why not the occasional Japanese and Thai wine for some regional flavour).