Is it low? The base in question is at about 70-80km from Baghdad, a city with 7.6 million people, in a direction where the wind might be blowing from. That's a reasonable distance for balloons to fly. Maybe it's low if we think THAT particular shape, but the shape itself is not really relevant since it doesn't resemble anything in particular (as opposed to, for example, there being more footage of an identical looking object, in which case you wouldn't expect a random chaotic cluster of balloons to repeat itself twice and would therefore look for standard clusters of balloons if you think both cases are balloons).
We don't know how far away the object is, nor do we know how much of the shape is actually the shape of the object and how much of it is actually the result of image sharpening (which as has been discussed in this thread, seems like something that is at play)
Image sharpening is useful at making identifiable objects more identifiable, but it's not magic and the sharpening may just make an already hard to identify object be even more confusing. With that said, there's no point in discussing what balloon combination could fit the shape because you could make up any combination to fit (there's a few attempts of it in the first pages), there's not enough limiting factors in the shape or size to rule stuff out nor to pinpoint anything. People also don't generally film random clusters of balloons floating around, let alone post that footage online, so it's hard to have examples of random clusters of balloons.
IIRC, the size would be limited to around 6 feet tall if it's near the ground, at least that's the upper limit on the
Sitrec
I'm not sure about this, it could be some sort of film/netting covering the object, it could be some funny business going on with how the image is rendered, could be something else or a combination of multiple things.
I personally do not see how a drone is more likely than a bunch of balloons, and if you want pictures of balloon clusters I would expect to receive images of drones that fit the bill (getting a picture of drones should be much easier to get since they don't change shape like balloon clusters). If we also don't ignore the non-extraordinary part of the story (which has partially been corroborated by Cincoski), a drone would have needed to fly in a straight line for 17 minutes to the middle of a lake.
I don't think a balloon cluster is an easy sell, but I think it's the easiest sell among any hypothesis out there.