Your position was that Google should be able to scan the books (despite the authors' "exclusive rights") freely, search them and thus profit from them, just not display them. If that's your view, I don't see how you can feel that the class is betrayed by the settlement. Every single member of the class is better off than if Google hadn't been sued. At best, they get some money. At worst, they are exactly where they were before. (Anyone can opt out.)
Google gets "exclusive rights" to nothing. Everything in the settlement agreement is nonexclusive.
Google gets no rights to any book whose author doesn't want to participate. Authors who do want to participate can still prevent Google from making any particular uses that bother them.
I agree that there is legislative work to be done regarding orphan works. That has nothing to do with the settlement. If anything, the agreement will make it easier to resolve orphan works issues.