I wouldn’t say calm and serene. Her eyes are certainly piercing. However, I wouldn’t say accusatory or angry, either. I’d go with haunting. One of my favorite things about that picture is the gorgeous coloring–the tones in that image are just beautiful. Her eyes, the background, and the fabric underneath the tears in her clothing are all a similar shade of green, which contrast against the complementary earthy red of the rest of the photo. That, coupled with the ambiguous psychology of her stare, make this one of my favorite photos.
I’ve never read into the photograph any sort of calculated guilt trip by the photographer. Hell, I don’t even know the context of the photo beyond the fact that Steve McCurry took it for a refugee story for NatGeo. I’d bet he was drawn to her because it is, simply, quite a striking composition, look, and balance of colors than any sort of political agenda.