I agree with the article. I've been telling friends that with a different name this show is a classic mobster rags to riches story, like Goodfellas.
Of course on the other hand the universe this story is set in, the 2022 Batman film, is also a realistic world. Sure there is a vigilante in a bat suit with some high tech gear, but nothing truly magical that fall into "superhero" status. The same holds true for Catwoman and Riddler, both are grounded generally in reality. So it only makes sense that the show would be the same.
Although perhaps that's changing. (Minor spoilers) At the end of the most recent episode Oz does find himself a new safe house. It definitely has a "Villain's Lair" vibe to it, so we might get a few fantastical devices that The Penguin is more known for. Although in keeping with the universe, probably nothing more complicated than what the Riddler used in the film, which is still pretty grounded.