Yes, he can penetrate you don't run the number one offense in the country without any dribble penetration. He's not an elite shot creator because he's not a scorer that's not his game he's a playmaker but he does have arguably the best step back in the draft, we don't know if he can run the P&R that wasn't a staple of UCLA's offense but throughout the college season he punished teams with threes that went under on the P&R and we do know he has great court vision. If he gets punished defensively is because of his build as a rookie, in his prime he's gonna be a good defender. Even with his half court weaknesses he proved to be a tough shot maker in pressure situations. His jumper is "ugly" but he has great rotation, quick release, deep range, good recognition of feet and line. His weaknesses are too highlighted when he has so many strengths.
If you're drafting him to be a shot creator and elite half court scorer or to be a number one option you're mistaken, he's not Fultz. Lonzo is a Penny/Kidd hybrid, he's going to be an elite playmaker on both ends and a nightly triple double threat.
In the half court they often sent him off the ball and let Holiday run it. Outside of that, the UCLA half court offense was a lot of swinging it around the perimeter until someone shot a 3 or came off of an off-ball screen and launched one up. You're assuming that just because they had a great offense he's magically good at penetrating when that's not the case. UCLA was an elite transition team, transition play accounted for a 30% of his offensive possessions.
Let's also look at the modern NBA PG. Over half of the starting PGs in the NBA average over 20ppg/36, and over 2/3s average at least 19ppg/36. They all can create their own shots, welcome to basketball in 2017. Hell, even Penny who you mentioned was a 20ppg guy until the injuries hit. If you're not a threat to score like Lonzo, who can't get off midrange jumpers or get all the way to the rim, you can't orchestrate a PnR properly.
He was horrible in the PnR, UCLA didn't run it for a reason. As the season went on, teams realized that he didn't have the burst or shake in his handle to really beat you to the basket, so they began to switch on screens, much like they do in the NBA, and Lonzo was often totally ineffective against bigs where he would settle for contested jumpers. He turned the ball over on 32.7% of his possessions in the PnR. There's no defending or justifying that, especially when you have teammates as talented as he did. He's a bad PnR player.
If Lonzo has to rely on step-back 3s to generate his offense, no matter how good at them he is, then I'm extremely worried about his future offensively. You say he'll be a good defender in his prime, but with what proof? He needs at least 20-30lbs of muscle and appears to have a bad frame for putting on weight. He was exposed mainly because of his lack of lateral quickness. He struggled against quick PGs like Fox. I don't see this magically improving. The Kidd comparison isn't fair, the guy was 4x all defensive first team. That certainly doesn't sound like Lonzo's future.
I'm not hating on Lonzo, like I said he's probably the 3rd best prospect in this draft. His weaknesses are terrifying though on the NBA level. We're playing in a PnR dominated league, and Lonzo's turning it over a third of the time. We're in a scoring PGs league, and he can't even get to the basket let alone create a midrange jumper. We're in a league dominated by monstrous athletes as lead guards, and he lacks strength and lateral quickness. You have to look at a player's weaknesses to evaluate him.