In this verse, Zenos says explicitly, "I will liken thee, O house of Israel unto a tame olive tree." The allegory of the olive tree could be called the allegory of the olive orchard. Sometimes olive orchards were called vineyards. In Hebrew there is only one word for both "orchard" and "vineyard." It is interesting that sometimes it was translated one way and sometimes the other, but here it is called "my vineyard."
There are lots of plants and trees in a vineyard, but we are focused on one of them. The pattern we read about in this allegory may be a cycle that will repeat itself for other civilizations besides Israel. Nephi knew and prophesied that the Lord would speak to all nations and to the Lost Tribes of Israel, indicating that this is not just a one-tree story.
Stephen D. Ricks and John W. Welch, "Introduction," in The Allegory of the Olive Tree: The Olive, the Bible, and Jacob 5, ed. Stephen D. Ricks and John W. Welch (Provo and Salt Lake City, UT: FARMS and Deseret Book, 1994). "The allegory speaks mainly of one much-loved tree. But there are others—an entire orchard of trees—each of which is valued by the Lord. In the allegory he toils personally alongside his hardworking crew of devoted servants as they cut and prune and transplant and nourish the precious trees. The allegory can be understood locally, perhaps in the context of a northern Israelite prophet who is deeply disturbed by the wickedness and apostasy that he sees in his beloved Israel in its early monarchical period or slightly later. Or it may be understood cosmically, embracing the entire sweep of human history, or at least large portions of it. The allegory proves to be, at the same time, both precisely detailed and broadly pliable. Obviously, each individual and each group, in virtually any circumstance or period of time, can find in this graphic image meanings that are especially attractive to them in their daily lives and deepest thoughts. This allegory typologically represents many forms of God’s love and care, as well as many states of righteousness and apostasy, whether collective or individual."
John A. Tvedtnes, "Vineyard or Olive Orchard?" in The Allegory of the Olive Tree: The Olive, the Bible, and Jacob 5, ed. Stephen D. Ricks and John W. Welch (Provo and Salt Lake City, UT: FARMS and Deseret Book, 1994), 477–483.