Seems like a problem with Pfizer exploiting its monopoly position to hold public health hostage as much as bureaucrats choosing to have a signed contract with an overly-generous safety margin over getting the best possible price over some unknown timeframe.
They had a combination of pharmaceutical expertise and manufacturing capacity that made it easier for them to play hardball than it was for Moderna or Janssen. Substitute 'market power' for monopoly if you prefer, my point is that they were pursuing their own economic interests while negotiating deals so they share responsibility with the public officials for the outcome.
