I can see how, but it was a contemporaneous response to Kate Smith's "God Bless America", refuting the idea of manifest destiny - there's a verse about private property that is rarely included in recordings that makes it a lot more clear.

The original Woody Guthrie version is a bit better, the one with the verses that are usually removed because they’re too critical of that manifest destiny myth. Pete Seeger was known for performing this one too

The original version of the song was critical of private property and colonialism, to be fair.