It’s still not great from a privacy perspective. Date of birth, names, and granular details on vaccinations are cleartext, among other things.
It’s not that terrible compared to what’s out there and falls in the “trivial” category (which is not necessarily a negative; less complexity is good) but it’s far from ideal and it’d have to improve before pushing it globally.
The whole point of a vaccine passport is to expose information about your vaccination status to third parties.
I don't see this as any different than carrying around any other ID in my wallet. My driver's license also has my name and date of birth (plus information about my eyesight and home address).
The nice thing about the vaccination passport is that it is like a card in your wallet. There's no centralized server that's being queried. It's offline and distributed.