I didn't like that he didn't talk. Made no sense to me at all but I was glad he returned for sure.
To me it really seemed like the build up, in the videos, was for Taker and that for whatever reason Taker couldn't make it or be the big reveal last night so they punched Chris Jericho in on that spot.
The only other thing I can think of out of this is that they'll use this to push Jericho vs. Taker at Mania either because Taker takes offense to video Jericho used to bring himself back, if they go with the idea that it was Jericho all along, or I could see them doing something where Taker returns soon and goes after Jericho for taking his return.
Something along those line or whatever. I do agree with you that the segment was a waste of time, and made no sense, but even if Jericho came out to the ring, sat down in the middle of it, and simply stared out at the crowd for 20 minutes it's still better than anything Hardy could, or would do, because Hardy blows.