You aren't wrong, however from my perspective, there is an element of self-selection to classism, which is wholly different from genetics. In this case, the old testament is purely referring to non-'chosen people'.

Separately, the Old Testament and the New Testament are leagues apart for that reason. It is well accepted that Muslim/Jewish tradition is rooted on one group being the chosen people, and everyone else being less. Christianity is founded at least in part on that being nonsense.