I disagree with your general conclusion that the vaccine should not be approved as-is. The efficacy results are certainly disappointing compared to the near-miraculous results with the two mRNA vaccines, but 60%+ efficacy is still enough to save many,
many lives and bring the world back to normalcy. Remember, the 60% number doesn't mean 60% see improvement, it means of the people who would've gotten COVID without the vaccine, 60% didn't get it at all and 40% got it with significantly less negative effects. In all likelihood it will also greatly reduce the ability to spread the virus.
They have already begun testing the half-full dose as another trial, so if that works better than full-full we may see the approval modified down the line.
> we already have Pfizer and Moderna
Unfortunately production constraints are going to mean that it will take a long time for those two vaccines to be produced in enough quantity to vaccinate most of the rich world. The cost for them and temperature requirements mean that they'd be impractical for most countries even in a few years.