It's not doing a great job against transmission of Omicron, but the vaccine doing a fantastic job of protecting people against hospitalization and death. Non-vaccinated people are 15x more likely to be hospitalized than vaccinated people. If the bottom line is that most people are going to get Omicron one way or the other, because it's so infectious that we can't reasonably avoid that outcome, then it seems like ensuring the vast majority of people experience something akin to the mild flu is much better than a huge wave of hospitalizations and deaths.