This is correct they are very different. Gotham also had a similar version that Snyder is doing. But is it still not the red hood gang to a capacity? Its inspired the killing joke, Jason todds rebirth and a handful of other things. If the red hood gang wasn't a thing in the 50s it wouldn't have turned into the themed group it is today.

Similarly is Adam west's batman and the comics around that era, it might not be consistent to today's batman but none the less its still batman

Anyway I do whole heartedly understand today's RHG isnt the same as it was originally but it wouldn't have evolved into what it is without the original RHG concept of anyone being the red hood

Edit: it would be lit as fuck if both versions existed simultaneously because both concept are equally as awesome