Eguller it actually does what it was designed to do, and it does it well. Allowing all comers allows us to find even very rare adverse events that otherwise might be missed.
What the anti-vax people don't understand is that in order to tie a particular event to a vaccine, there is one criterion that needs to be met: the event needs to occur at a higher rate than it does in the general, unvaccinated population.
Also, when events are actually associated, there is generally a clustering of events at some time point after vaccination.
Scientists are analyzing those reports all the time, looking for 'signals' that something might be occurring, and that allows for further investigation. That' s how they found that myocarditis in young men was occurring after the J and J vaccine, at a very low rate (about one case per million vaccinees).
So, imo, the system is fine, but almost nobody seems to actually understand how it works.