Would religious Jews "Indiana Jones: Raiders of the Lost Ark" as ‘blasphemous?’

I just watched “Indiana Jones: Raiders of the Lost Ark” for the first time, and while it was a fantastic film, I could not help but feel that the treatment of something as holy as the Ark of the Covenant being a plot device (particularly given the events later in the film) in an action Hollywood film might have polarized a few yidden at a time. Was there plausibility behind the ark being in Egypt? I do wish at the end it had been sent to Jerusalem (or Yishuv of the film’s setting’s time) but still a great film.