This article basically says correlation isn’t causation. It doesn’t mean DEI is bad for business. The article also doesn’t definitively say McKinsey is wrong. Like I said, it’s just saying that you can’t cause profits by forcing diversity (correlation not causation).
The issue is that you can’t change a corporate culture just by making one hire and naming them VP of DEI. Cultural change takes years (and is the subject of a nauseating amount of HBR articles, which illustrates how many companies fail at cultural change).