Well, yeah, sure, but the 1939 movie with Judy Garland is clearly an anti-communist allegory.
The movie just drips with it, but I’ll give a few examples. Miss Gulch tries to take away Toto, to the sheriff; clearly indicating state-ownership. Dorothy wears RED shoes, a notable change from the silver shoes in the book, and we know that Communists were reds. She walks along a yellow brick road, a clear allusion to the yellow peril represented by Chinese Communism. (The fact that the movie came out in 1939 and China didn’t go communist until 1947 or so, is just more proof of what an insightful allegory the movie is!)
The Scarecrow is clearly the U.S. government, unable to scare away the Russian scavanger crows. The Tin Woodman with no heart is France, and the Cowardly Lion is obviously England (national emblem). The Munchkins are Germany; the very name Munich-kin, means German-related, under Nazi rule at the time, the yellow brick road spiraling is a reference to the Nazi swastika. None of those countries can stand against the red slippers and yellow road. All are helpless against the poppies (red again, and a symbol of how the communists align with the drug-dealers to mislead American youth).
The opposing wicked witches are West and East, so even though the witch of the East (Russia) might be killed, the witch of the West (communist treachery and infiltration into western society) remains a threat. Note even the Wizard’s pun about “You liquidated her”, referring to the massive liquidations that were common under the Communist regime in Russia.
The broomstick of the witch of the west (“A new broom sweeps clean”) is a reference to ineffective political campaigns in the west.
Well, I could go on, but hell, I’ve already got more evidence of an anti-communist allegory than anyone ever came up with for a Populist allegory.
Moral: Any work of art has levels and depths of meaning, especially if you want to take it to absurd levels.