In many countries where vaccination rates are very high (think of Spain, Portugal...) the infection cases have been increasing yet people in the hospital or deaths caused by/with the virus have been rather low. Attribute it to vaccines, natural immunity, a potentially weaker variant - or everything at the same time but my point is: I agree with you, at least when it comes to these highly-vaccinated countries.

I wish we would just stop looking at infection rates as it's never going to change as long as the virus exists (and continues to mutate) and/or a sterilizing vaccine of sorts shows up and people take it.