Yes, that could be. But it seems clear that the plane was not being controlled by anyone who wanted the plane or its passengers to be rescued, so "oh, I've just flown the plane as far away from civilization as possible and I've just run out of fuel, yet I think I'll try at the last moment to make a successful water landing so as many people as possible can be saved" just does not seem likely. Either the plane was not under control, or those in control were not trying to save anyone.
And more specifically I strongly suspect the life-rafts were equipped with EPIRB satellite transmitters, none of which were activated. So that sort of suggests there aren't a bunch of people floating in a raft somewhere (which likely would have shown up during the satellite debris search I suspect).
Even having a rough idea of where it went down might still mean that the wreckage is not found for a long time. There's a lotta damn ocean out there, and I don't think the range of the "pingers" on the data recorders is that huge.
One thing I've been curious about is the cockpit voice recorder on the 777, specifically what the recording duration is (is it just a 30m circular buffer) and can the pilots disable it and/or the flight data recorder by pulling circuit breakers?