Biblical arguments for taking over the Land of Israel do not hold. Abraham and Joshua received specific divine instructions to take the land, which implies that the Jews should only settle the land after a revelation. The Bible never deals with the return from the second exile; prophesies of return from the Babylonian exile are long realized and now moot. Rabbinical tradition, questionable as it is, discusses the return only in an apocalyptic context.
The Bible promises the Jews the land, but why believe the promise is to be fulfilled right now? The Jews previously thought so during the reign of Julian, and when we conquered the land in association with the Persians. Our victories in three major wars may look like a miracle, but we never know. Joshua received a clearer sign at Jericho.
We want the Land of Israel for an entirely rational reason: Jews want to live alone, apart from Jew-haters, and certainly without Arabs. We want to live in a country with defensible borders and depth of defense, to which we have at least a moderate historical and religious connection. And we have enough weapons to realize these goals.