Well that's a great argument that it isn't perfect, but the real question is whether it's an improvement. Is it better than the state of the art, which is everyone dropping a shit ton of completely untraceable cookies? For example the browser fingerprinting piece that they highlight is already a problem with or without FLoC.
I don't have an opinion about FLoC per se but this piece feels like it's focused on finding flaws with it in the absolute, as if we didn't have pretty awful tracking now. I don't believe we can get to perfect, what with shadow browser fingerprinting techniques and all, I just want to know if it's an improvement.