Yeah, I would say it has "elements" of steampunk, but I cannot say it qualifies fully. In terms of where it is placed in our modern day eras, VII is around the time of the industrial revolution or just after it, hence you get some areas heavily industrialised and other areas (Like Corel or Mideel) that are more folky. There are other parts of the game that remind me at least of Steampunk, the train graveyard has many examples of steam trains (Granted, most don't work). You've got stylised motorcycles and hell, Barrett's gun arm is fairly steampunky as well. But overall, I would say it's not steampunk, just heavily influenced by it.