^That's the intent, they're the anti-Illuminati. The most direct parallels are Osborn being the equivalent of Stark, Frost is Xavier, Dr. Doom is Reed Richards and The Hood is Dr. Strange.
They haven't been too obvious with their choices here. They could easily have used the Illuminati's direct nemeses like Maximus or Attuma. Instead they did what they did with the Illuminati, found people who bring something unique to the table.
It occurs to me now that Namor was already in league with Dr. Doom. After Atlantis' destruction, a number of Atlanteans took up residence in Latveria with Doom's blessing.
Doom and Loki have been working together in Thor's title as well.