I'm curious, why did you feel that this move was unsatisfactory? This move is the most common joseki continuation if black plays the standard knight's move.
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It seems like if white plays solidly then he can aim at the weakness in black's shape caused by the long knight's move. It doesn't seem like black is threatening to take too much on the bottom because the long knight's jump is not very secure. Later on, the move at 'a' will destroy whatever black has just built.
I may not be a high dan player, but I have learned that if you want to punish a joseki deviation then you have to know for sure that the move is a mistake. This move seems a little fast, but it doesn't seem like a mistake unless white is strong in the area. The move is played as a part of many 3-4 joseki. I don't see why it would be a mistake to play it here, but I can see that it would be uncommon.
Just looking at this joseki from a basic level, black's stones are separated and the usual idea is to strengthen one side and then you have time to help the other. In this case you are leaving a weakness behind, so if you now take the time to help your pincer stone then white can turn back and counter-attack you. However, if you need to play faster so as to disrupt whatever white is threatening to do on the bottom of the board, then I guess you could play this move.