Jumping isn't the only measure for athleticism.
Malone might not have been an elite jumper, but he was an elite athlete nonetheless. His quickness and speed were insane.
I agree that Malone had quick hands, but his speed and quickness were not elite in my opinion. Think about LB James. Malone was 1" taller than him, and weighed about the same. Now that is elite athleticism (jumping, speed, quickness, body control). I often thought that Malone looked a bit uncomfortable/awkward with his drives to the basket; I would never characterize them as graceful. Malone had a good mix of athleticism and huge hands. His skill and savvy were through the roof. His drive, toughness, aggression, hustle, fitness, strength, and power were beyond elite IMHO.