I’ve pretty much always said the same as the OP. Even very recently here on the Dope I said I add bay leaves to my stew more as ritual than belief that they actually impart any perceptible flavor.
In the few weeks or months since I’ve made that statement, I’ve paid a little closer attention. Now I can sort of tell a slightly, I don’t know, eucalyptus-y flavor to them? Just some vague general herbal spiciness. It’s nothing I notice if I’m not paying attention or leave bay leaves out. But there does seem to be some slight flavor there, but it’s nothing on the intensity/level of obviousness as rosemary, thyme, oregano, marjoram, etc.
That said one doper – and I apologize for forgetting who – sent me some fresh bay leaves from her tree in the backyard a number of years back. Those definitely had an immediately identifiable smell and taste to them.