IMO, Vazquez bunting in that situation is certainly defensible, as you said. It was late in the game (8th inning), we were ahead 2-1 and looking for and insurance run, and we had a weak bat at the plate bunting to get to the top of the order. Also, Vazquez has had some success with laying down a sac bunt.
Was it the right call? I don't know. I think it's pretty much a 50-50 call in that particular situation. But again, certainly defensible. It looked bad because he failed miserably, but lack of execution does not equate to it being bad call.
Personally, I would have preferred him swinging away because he did not necessarily need a hit to score the run, but as you said, he might have just as easily hit into a double play.