I'd rate the U.S. as a very thin favorite against Germany, England and Australia, and probably dead even against France, especially since France has the home field advantage and Wendie Renard. Renard is a very, very good player. She's also 6'2" and is generally a head taller than anyone else on the field. She is a scoring machine on set pieces. All a defense can do is surround her with its tallest players, block her without fouling her, and hope the service is a bit off target. She's like Wilt Chamberlain or Lew Alcindor back in the day when they were the only seven footers around.
In any sport, the top ranked team comes into a tournament with a bullseye on its back. (How often does the regular season #1 win the NCAA men's basketball tournament?) Germany is the only team to have repeated as a WWC champion. I'd love to see the U.S. win. But the odds are not with them. It would be a tremendous achievement to play through.
Women's soccer is much healthier internationally than men's soccer (on the field, not financially or in terms of fan support). Men's soccer is pretty much all Europe with an honorable but increasingly dated argument from Brazil, Argentina and Uruguay. Women's soccer is much more diversified, with a lot of terrific teams in Europe, a solid representation from Asia, plus Canada and the U.S. in the Americas.
The U.S. is the top program in terms of historical results, but parity is the reality today. Go USA.
I would not rate the US as the top favorite. France is the odds on favorite. Germany, England, Canada, Netherlands, and Australia are in the same tier as the US. Australia’s surprise loss to Italy was a blip. I expect them to advance to the knockout round. So far, France and Canada have looked the most impressive. Japan has work to do.
The US should destroy Thailand. Anything short of a blowout will be a disappointment.