Is Buddhism just Hinduism stripped for export?

I was listening to a podcast featuring Alan Watts and he stated that Buddhism was Hinduism stripped for export. He also says it at more length in his book Buddhism the Religion of No Religion .... > Hinduism [..] is a religious culture. Being a Hindu really involves > living in India [...]. You cannot be a Hindu in the full sense living > in the United States or India. > > Buddhism is Hinduism stripped for export. The Buddha was a reformer in > the highest sense: someone who wants to go to the original form or > reform it. There is a sense here of Hinduism being a culturally specific religion and Buddhism being it's universal equivalent. Is there any sense in which that is true or is 'Buddhism is just Hinduism stripped for export' just a pithy soundbite that actually doesn't mean very much?