Having a separate 4060 and 4060 Ti seems reasonable, though charging a big premium for additional VRAM while starving the base models of memory and bandwidth does not. Had the 4060 and 4060 Ti offered similar 1080p performance and pricing to what they do, but with 12GB of VRAM and a 192 bit bus to prevent higher resolutions and future memory-hungry games from being crippled, that would have arguably been alright, or at least an all-around improvement over the previous gen.
As it is though, the 4060 feels more like a rebadged 3050 successor, while the 4060 Ti feels like a 3060 successor, both with a big 20% price-hike. Had the existing 8GB 4060 Ti hardware been positioned around the 3060's $330 MSRP as the 4060, that would have arguably been fine enough. There would still have been a VRAM and memory bandwidth reduction, but it would have been a reasonable tradeoff to get 3060 Ti-like performance at that price level. And the 16GB model could have also been reasonable at $400. You would still have the bandwidth reduction, but the additional VRAM buffer would make that less of a concern. Perhaps we'll eventually see something like a "SUPER" update to address the unattractive pricing though.
That's not generally how it works. Typically when reviewers utilize a 5 star scale, they tend to consider the full range. Around 5 stars = great, around 4 stars = good, around 3 stars = okay, around 2 stars = poor, and around 1 star = terrible. Those using a 100 point scale, on the other hand, tend to only utilize the upper half, as that corresponds roughly to letter grade systems that have been used in schools. For those, generally 90-100 = great, 80-90 = good, 70-80 = okay, 60-70 = poor, and anything under that = terrible. And in terms of letter grades in school, generally A = great, B = good, C is okay, D = poor, and E/F = terrible.
I would consider 3.5 stars to translate roughly to being in-between an "okay" and "good" rating, or what might be somewhere in the vicinity of an 80%, roughly in the range of a C+ to B- for a corresponding letter grade. Personally, I would probably rate it a little lower, but reviews are ultimately a matter of opinion.
The 4060 Ti isn't exactly "bad", at least in terms of being a functional piece of hardware. The hardware works, and does have some advantages over its similarly-priced predecessor, like efficiency and in turn heat output. It's just poorly priced relative to what's typically expected in its price range, and doesn't really push performance forward at its price level. Because of that, it would be a bit hard to consider the card as being "good" or "great". Classifying it as "okay" might be reasonable, though perhaps leaning a bit more toward "poor" in terms of value.