The interim analyses of the Phase 3 results show that compared with the placebo group, the vaccine groups showed 90-95% fewer infections. These results are not definitive, but given the public health risk of COVID, the decision was made to approve the vaccines.
The interim analysis use Bayesian approach and few assumptions on the posterior. It is possible to get higher VEs with assumptions that can drive the estimate to the higher end. On the other hand, to keep it simple. Even a 90% VE doesn't mean 90% of the population can be protected. It simply translates to the fact that if 100 infections are about to happen in a naive population, 90 of them would not happen if the population was vaccinated.