You got it right. I work with Holacracy and I can confirm... everything you read Holacracy being blamed for, as in Catherine Bracy's article, is actually not against Holacracy.
They think it's against Holacracy, because they mistakenly believe that Holacracy simply means "flat org". Then they build an entire argument around this error...
Since the Zappos story, people talk about "holacracy" here and there. In reality, there are few organizations actually using Holacracy® — the system defined in the constitution you link to. Github isn't part of them, Valve either. Zappos and Medium are.
http://holacracy.org/constitution
It seems that everyone is blaming the process without following it. Not that I claim that following it would have good results - I have no idea if it's a good system or not.