You could. You can decode QR codes easily to see what information is being communicated. However, being able to understand what the string of letter means is a whole other issue altogether. The seeds could be discretely obfuscated and you wouldn't be able to tell without close inspection.
I'll try sending some bitcoin from this wallet and check the QR code it generates on the wallet before scanning it with the phone app. I may or may not be able to tell what's in there as they claim the QR code is encrypted. The app on the phone acts as a watch-only wallet where I can check on my balance, so I'll be able to tell pretty quickly if the wallet seedphrase is stolen and my bitcoin goes missing. I'll report back here with the sending results and any theft or non-theft results.