Well ... it looks more like a midget-man than a hobbit. But what exactly is a hobbit? In the movie "The Lord of the Rings: The Fellowship of the Ring" from 2001, the hobbits shown pissed me off. When they started to jump on the bed, I started to root for Sauron. It got much better in the movie "The Hobbit: An Unexpected Journey" from 2012 but even then they look mostly just like midget humans, with a bit of an elfish touch (and I hated the elves in the movie from 2001; the depiction was just lame). The only hobbit-like entity I liked was Gollum.

So how does a hobbit really look like? "Tolkien presented hobbits as a variety of humanity, or close relatives thereof".

So based on this, while Tove's pictures look more like a parody, I don't really see it as intrinsically wrong. It's just less of a "standard" depiction - Tolkien could have assumed hobbits to be anything but midget-humans, but they are mostly midgets with stronger feet.