I'd like to begin by stating that the Mongolian Death Worm is a real creature that has been described to science. Well, to scientists, by people who have spoken to other people who might actually be eyewitnesses. Which is good enough for the Sci Fi channel, you, and me.
Now, don't dismiss this movie as your typical low budget bad acting CGI monster romp. Set in Mongolia in the modern day, this film tracks nonprofit doctors fighting a mysterious water borne plague, foreign oil managers having plant trouble while smuggling stolen treasure on the side, a freelance mercenary archeologist and his straight cop buddy, and some bumbling bandits. That's a lot of plot lines to keep in mind, except that basically everyone on a mission (medical, engineering, smuggling, archeology) keeps having everything go wrong for the same reason. And that reason is Mongolian Death Worms, of course.
I'm sure everyone here is familiar with the book "Jaws" by the late Peter Benchley. For all its overt focus on the shark, the real theme of the book, if you will, is how the shark serves as an amplifier, let's say, for the tensions and instabilities of the community, the connection between politics, business speculation, the mob, Brody's relationship with his wife- all thrown into focus by a shark attack. In a similar way, the Mongolian Death Worms that underlie (literally) everyone's problems in the movie are in fact a metaphor for the very real problems in Mongolia at present, that threaten humanitarian missions, responsible investment, and communities there- poverty, remoteness, and most of all corruption.
There is no way to know if this message was the intent of the filmmaker, but the metaphor is definitely there, elevating this budget picture from an entertainingly watchable adventure into a bona fide political statement.