It really is not. It's mild to double- and triple-vaccinated individuals living in highly vaccinated populations. They get the shot, they brush it aside
The poor souls who didn't managed to get vaccinated, or didn't wanted to, represent the bulk of the hospitalized population and deaths.
The key factor is that the world has spent the last year bulking on vaccines, precisely to allow any infection to be at most mild. And now that we're seeing highly vaccinated populations being exposed and developing mostly mild cases are we now supposed to pretend that vaccines don't exist and the disease suddenly got tame? In whose head does this even compute?