As it sits he’s a bad guy who saw the light before the show, and then the light turned out to be a train. It casts his arc of BB as a wages of sin story, this show is the story of his sins. It is a weird tone, not for all, but if you’re loony enough to like it it’s very rewarding.
And there’s an element of tragedy and betrayal as well. He really wanted to go legit and make his brother proud, but his brother could never see him as anything other than a joke, as “Slippin’ Jimmy.”
The final episode of the season seems to be Jimmy finally embracing his role. If Chuck seems him as Slippin’ Jimmy, then he’s going to show Chuck just how slippy he can be.