Whereas most current COVID vaccines target the spike, and disappointingly the spike is a lot more malleable then hoped.
It's a fairly solid indicator though that it must be tricky or that the body is making some tradeoff.
One of the big deals of mRNA is that because you get the proteins made in-vivo (in the body), you inherit all the body's machinery to do this naturally - after all, viral replication requires using that exact same machinery in order to replicate up the viral proteins in the first place.
https://www.cdc.gov/mmwr/volumes/71/wr/pdfs/mm7148e1-H.pdf Table 3
These are somewhat less unimpressive (IMO) numbers here:
https://www.cdc.gov/mmwr/volumes/72/wr/pdfs/mm7205e1-H.pdf
https://www.nejm.org/doi/full/10.1056/NEJMc2215471
I don’t think one can draw a conclusion as to what exactly is wrong. IMO it’s too bad that Novavax flubbed their vaccine rollout so badly — it would have given valuable comparison data.
The problem is the first round of vaccines caused immune fixation. The boosters failed because the body can't tell the difference between such similar proteins and made antibodies for the 2019 spike variant instead of the one the booster was targeting, thinking it already knew what to do.
This was covered up during approvals by redefining the success criteria as elevated levels of antibodies to "spike protein" without being specific about which one, and then ignoring actual effectiveness numbers (which were zero or negative).