Is the WoW races really just a clever way of making fun of real world races?

The way they describe for say, goblins, fit really well with people from Asia, as they are scammers, loud, come up with cheap and dangerous devices, and are basicly the shitty version of dwarfes, i.e germans

Other europeans and the west is accuratly described as basicly the entire Alliance, as they are no-fun capitalists.
Also the horde is basicly all of africa and most of the middle east, escaping their shitty continent for another and murdering its previous inhabitants and worshipping evildoers.
Am I on to something here?