Remember, the I-16 entered service in 1932. It was a low wing monoplane with retractable landing gear.
Take a look at what the Americans, British, Germans, Italians or Japanese were putting into service in 1932. Fixed gear biplane fighters.
The I-16 was far ahead of it's time, but was obsolete by the time WWII started.
Still, the I-16-21 could do better than 300mph and has two 20mm cannon for armament. It would score some kills in AH.