What makes this a bad call, or a good call and a bad rule, is that the catcher clearly cuts off the runner and creates an unavoidable collision. There doesn't seem to be any intent on the runner's side to collide. The runner was just being a runner. The umpire appears to have gotten the call right by the book, but you can't feel good about the outcome.
Right. If you're arguing this is a good call, you should instruct every single fielder who may be about to receive the ball to jump into the path of runners because there is no such thing as obstruction in those cases anymore. The rules, as being interpreted by some here, literally make obstruction an impossible call if there's contact above the waist (and there is almost always contact above the waist on obstruction).