The article addresses this, actually. Fetching any unsecured content is an attack vector. https://danq.me/2026/01/28/hsbc-dont-understand-email/#footn...
Trying to MITM an existing tracker pixel when they're connected to public WiFi sounds like practically the hardest way to do it.
In this case, sending your malicious image through a fake email might get flagged, or even not opened by someone whos been trained in infosec enough to be suspicious of these things. But a tracking pixel in an email that is verifiably from a trusted entity will be opened no problem. Type of thing that will look pretty slick if you read about it being used