I see this movie as a metaphor for America's struggle against the Japanese in WWII. the "Great White" represents the "great nation of america" or "the red, White and blue" of the american flag and the octopus has tentacles so it is obviously japan.
You know, I'm beginning the appreciate The Asylum. They are continuing the tradition of creature features in spectacularly bad fashion. In 30 years, there will be a new version of MST3K that makes fun of these movies.