Many things in it, not the least being set in a cyberpunk world, criticize capitalism quite harshly.
The government is controlled by corporations and the mayor is just a powerless distraction. All the bars are controlled by a monopoly which has allowed seedy and illicit operations to sprout by license-holders, and is now chopping down perfectly good bars to save their brand. They also own the apartment Jill is living in. Reckless use of nanomachines has led to everyone being asymptomatically infected with junk bots. The privatized cop-monopoly is corrupt.
Sure, the devs have gained inspiration from their own experiences, but I'd say it's criticism towards Venezuela is indirect, and could be seen to focus towards the capitalist elements of the country.
One could say that Glitch City can represent any exploited third-world country, it being an offshored testing-ground and play-pen for multinationals.