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No need to wonder! I totally agree about a reflection! I was just matching the OP's sample image!

One thing I might add is that the original creator may have been intending to produce shadows for the peeled letters and the shadows were not meant to be a reflection of the cutout letters.........which makes some sense.

If you look closely, the "peeled" G letters are also lowered. They were inline with the other letters when I "squished" them down. I had to move them down to be in contact with the bottom of the  cutout G's. All in all, as a reflective effect is not  an "accurate" depiction of flat text.............it's more like the G's are on a closer plane to the viewer...............in reality they would then also be larger.

Again...............just matching the example.