The paddle is still OWB.
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Not sure how it carries over to the M&P version, but 7k series holsters for Glocks + light(at least the ones I have seen) are literally the same holsters whether duty or "concealed". They come with upper holes for "concealed" and lower holes for duty with the only difference being where the T nuts are stuck in place to set up for use with a UBL or 567 belt loop/568 paddle.
So far I haven't seen an ALS for RDS that lacks the ability to carry a light which makes for a very large holster.
As you point out, the ALS rigs suck for concealment, but one thing that slightly helps with a 567bl is turning it around the opposite direction from how they are usually pictured. Doing it that way causes the rear loop to sit a little further back for a half assed Bruce Nelson pull the butt in effect. Works better for the Safariland open tops which are fairly compact holsters.
My edc is an M&P with light and RMR.
My holster is owb, made by a company called HolsterCo they are in SW Michigan.
I've used this one for about 5 years now. I have a few of their holsters.
They are starting to get big so they are acting like Raven saying buy from this list or you get nothing.
www.miholsterco.com