Considering Alan Moore's politics that also has to be riffing on something.

I've always liked this particular cartoon because it shows how detached from reality the fascists in Watchmen are. It's criticizing the Keene act, which criminalized superheroes and Doug Roth, who is a journalist critical of superheroes who spent his life unmasking them. It's valorizing superheroes in a completely fabricated context, even for the storyline.

The stereotypical superhero portrayed is this blonde white guy with a typical conservative idea of a family, a wife and two kids. That's not true of any of the superheroes portrayed in Watchmen. Most of them are some level of deranged, especially Rorschach. The only two blonde Aryan superheroes were Ozymandias and Captain Metropolis, who were both gay. Not only that, but the comic is antisemitic, despite both Nite Owl II and Doctor Manhattan being Jewish.

Also I'm pretty sure the crying statue of liberty is supposed to be visually similar to the angel statue at the Comedian's funeral.

Alan Moore is a genius.