That chorus has to be the worst chorus U2 have ever written. Not only did they take the awful bridge from Volcano (the chorus of which is also terrible, but no longer has the crown), they turned it into a chorus and somehow made the lyrics even worse than they already were.
I don't understand how Bono can criticize his past lyric writing in songs like Bad, or even Streets (as per that recent Zane Lowe interview), and then come out with:
You are rock and roll
You and I are rock and roll
You are rock and roll
Came here looking for American Soul
So I suppose the you are rock and roll bit is to go with him calling the country a sound of drums and bass, etc.
The way it would make sense to me is if we actually see it as a thematic connection with SOI and Volcano.
On Volcano, he was talking about his grief, and how we was alone, and joining the band, and their audience, he wasn't alone any more - he and the band became "rock and roll", making up for his grief.
American Soul's chorus could then refer to their fascination as a band with America and fits well with their TJT mindset - then using the same lyrics sort of makes sense, i.e. his journey within the band and overcoming the grief continued onto America and looking for the American soul.
Of course, the other explanation is that he just went "fuck it" and used the same lyrics