What I make of it is that the original vaccines probably had some degree of efficacy, although nothing like the 98% claimed. Then the virus, in an attempt to survive, mutated. That's what happens when you use 'imperfect' vaccines (as opposed to the 'perfect' vaccines which wipe out disease - eg. polio). So to me it appears that the vaccines have made the problem worse rather than better.
One of these variants - the original omicron - spread so fast that if it had been deadly as well as highly transmissible, it would have been game over. The world simply would have not coped. Luckily that didn't happen.
Now we're up to...what... the 5th Omicron variant? BA 5?
The vaccine makers are still chasing their tails. If they had their way, they'd be administering a new vaccine for each of the multiple variants on a 6-monthly basis, because the effect doesn't last more that that long. And of course that is not possible. Even if it was a good idea (which it's not) it's not even close to possible to deliver a population-wide multi-vax. It's an idiotic situation. Correct me if I'm wrong on any of this, but that's how I see it. I think they've made the situation worse.
