It seems fine as it's own work, just sorta comes off like a separate work of fiction that had to be stapled onto the Watchmen IP instead of being its own thing.

Like the whole Hooded Justice thing isn't bad, but I think it kind of fails to exploit what Moore was going for by making the "first" costumed superhero in his universe a nazi-sympathizing sadist dressed up in thinly veiled lynching iconography and a dark klan hood.