I've always read it as at least a little bit a comment on the Iraq war, but what's it's deal? It's the only anime I can think of that climaxes with a military coup, and its cool that mustang wants to put people on trial for war crimes, but then he gets in power and doesn't do it.
It's also just got a whole plotline about racism, but it feels slightly off? Like minorities are okay if they save your life.
Same for Tomino's stuff [though at least he didn't really engage in sexualization of his characters].
Oshii mostly avoided this fate though, by being very mask off when he gets around to being political.