No, it's not. Origin is supposed to be 'players produced in Queensland vs players produced in NSW'. That's what you're missing. There's every reason that a player from another nation could be produced in NSW or Queensland. The likes of Uate, Papalii, Costigan, Mead etc all qualify for Origin but are not Australians. The idea that 'it's Queensland vs NSW and people from outside Australia can't be from Queensland or NSW' is not only some low-level bogan-esque BS, it's also completely incorrect in terms of State of Origin.
Either it's a contest between born-and-bred statesmen, in which case it should be played with similar rules to international sport, or it's a contest between players produced in states, in which case there should be no requirement for players to commit to Australia. That wouldn't make it a free-for-all or an all-stars game, if anything it would be closer what Origin was actually supposed to be about. Right now it's just a confused mix between the two and in practice serves as nothing more than a way for Australia to bribe and horde players that would otherwise be playing for other nations.