How would it be? The Wizard of Oz wasn't written in one specific cultural context, in my opinion.
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That's why this cultural appropriation stuff is nonsense. It was and it wasn't. Was L. Frank Baum white? Yes. Are the characters white? Yes. But is this also a story about America and for Americans? Yes. Although the
original story may have been about politics at the turn of the 20th century, can't it still be a fantasy story that enriches all peoples lives? Can't other things, often cited as culturally appropriated, also be viewed in the same way?
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I personally think so. Some things are just the result of being in proximity and time moving things closer together.
I used to get really pissed off by a white guy rapping. But it dawned on me one day that not all white people are rich with no problems with no suffering. If the man has something to say, he should say it. Taking a form of something and putting it in a different context is just fine.
Now there are some things that are culturally appropriated that fit better into the definition than others. I think things that purposefully belittle the source culture fit right in there.
A situation particularly close to me that has been a subject here is the yoga thing. My wife is Indian and her family practices. She refuses to go to one of these downtown classes for "white women" (her words). In her opinion the classes have lost all of their soul just to become a yuppie pastime. Even then, I don't think this is a case of appropriation as much as it is a case of commercialization.