[{quoted}](name=The Taco Kat,realm=NA,application-id=3ErqAdtq,discussion-id=VhQOMREa,comment-id=,timestamp=2017-01-08T04:49:23.083+0000)
Clearly a joke in the title, but seriously, she still hits so hard by grabbing two items that cost about 6000 gold (together) when she is supposed to be a hyper carry.
Her three hit passive is pretty much not even used against anyone outside of tanks or tanky bruisers come late game. Even then, she can still do okay damage to them without it.
To your first paragraph: I would argue that's how a hyper-carry is SUPPOSED to work. At one item, they're not much of a threat. (Vayne with Shiv hurts, but is still mostly ticklish.) At two, they're getting some momentum built up and should be a high priority. (Shiv + IE gets her damage off the ground, especially with that +CritDamage passive.) At three, they're dangerous and should be the primary target for Assassins and Divers. (She'll be roughly 80% crit at this point and very VERY dangerous. Auto-Q is going to obliterate squishies.) At four, you need to end the game in a COUPLE minutes, as in <5. (She's got her BT. You're in trouble.) At five, you made a major mistake dragging this game out. (If you don't have enough secondary burst to take out her second instance of GA, you're doomed.)
To your second paragraph: Last I knew, Vayne's Silver Bolts is MEANT as a tank-buster. It's not meant to deal damage to squishies (judging by the fact they removed any flat damage from it and she's probably going to 2-shot them anyway), it's meant to take out tanks with 3k+ HP. However, she doesn't win short-term fights with tanks typically since her abyssal defensive stats will get her combo'd down.