You need a bit of grip somewhere or the knobs can't be tightened up as the pin will spin. Presumably the rebate on the underside engages with a straight sided flange on the pin so it doesn't turn when you tighen the knob.
A major potential issue with this sort of thing is clearance between pin and hole. If its nice and slack the pin drops in easily but a plain, non expanding pin will wobble around so the fence isn't particularly precision. One such of my acquaintance not only wobbled but also tended to lift so it needed to be pushed back against the side of the hole and down on the baseplate before each cut. Initially irritating rising to …..
Going the other way a nice tight pin that can just be slid in if aligned just so won't wobble but fitting the stops with the pins hung on them will be a royal pain. Need to push the pins in first then fit the stop and tighten the screws.
Like a lot of these superficially simple things making something that pretty much works if you are careful and apply a little verbal encouragement isn't stupidly difficult. Turning out something that works exactly like it says on the tin every time with no messing, swearing or other impediments to fast accurate work is a whole different ball game oftimes involving considerable hidden subtlety. Something you should be paying for when buying a commercial product but regrettably often affordable versions don't really make the cut.
For home build you may well be better sorting a system where the pins are locked in place first and the fence fitted afterwards. As suggested previously Rawl Nuts (thanks Jason, now I know what they are called and can find them next time) might do the deed. Another approach I've seen work used pins made a sliding shake free fit with a couple of O rings in grooves to give the grip. The O rings were barely proud of the main body, a thou or three I guess, but the pins didn't wobble and pulled out with a nice pop. But that system had a base of aluminium tooling plate with accurately sized, nicely finished holes. Dunno if the system is up to working with, inevitably looser, woodworker tolerances.
Clive