Agreed. Most Americans probably don't know what the term means or the political context of it. But most Americans aren't running for office or just throwing that term around casually in conversation.
But Bo brought it up unprompted. It's just another knee jerk attempt to cater to his respective voter base because he thinks they'll eat it all up. Forget if it makes sense. Forget if it's at all relevant to the question asked. Forget if the term is used correctly. Score points. Show fake outrage. Both sides do this nonsense and it's exhausting.
But seriously though, given the kid's background, it's no wonder his concept of a banana republic involves a shopping mall. What a joke.