M-COOL (Meat Country of Origin Label) is the right solution... and let me give an example why:
If I buy a new, real wood, kitchen table, that was imported as a sapling, planted in the USA for 20 years, then milled in the USA, then worked into a table by USA craftsmen -- would that be a product of the USA? I'd say so, and I think few people would argue that the "birth" of the tree on foreign soil taints its "Product of the USA" qualities in this sense.
If you agree with me there, then what we will end up disagreeing on is when that threshold is crossed, and it's no longer "Product of the USA".
By attacking this label, it was always an uphill battle, I think.... and that's why M-COOL is the better solution. Tell me where the meat was born, raised, and slaughtered. If a soup company imports that beef and uses it in their soup that is mixed, seasoned, and canned in the USA, I don't think it's fair to say they are not a USA product, however, it's still valid and good (I think) to say that it's from imported meats.