Alan-

It is a sinister song but probably no more sinister than the "pirate" songs that poets such as John Masefield created:

Then the dead men fouled the scuppers and the wounded filled the chains,
And the paint-work all was spatter-dashed with other people's brains,
She was boarded, she was looted, she was scuttled till she sank,
And the pale survivors left us – by the medium of the plank.

It's also true that some "wreckers" were essentially salvagers such as the one's that lines the Florida straits, and didn't indulge in planting false lights or slaughtering crew and passengers, but let the tides draw in what they may.

Cheerily,
Charley Noble