googletagmanager.com/gtm.js not found

The code in the snippet found here http://cgit.drupalcode.org/google_tag/tree/includes/snippet.inc is is trying to reference http://www.googletagmanager.com/gtm.js which no longer exists. On our page it's giving us a 404 and a hideous JS error. I was expecting that I did some setup wrong, but after finding that in the code it seems very obvious it's a bug. Doesn't this break the entirely functionality of the module?