It seems to me that the star washer should not be against the caliper. Is that bolt going all the way through the head tube? If so turn the bolt around and put the nut and star washer on the back.

Is there any manufacturer stamped on those brakes? Does the bolt appear to be original? If so it might have a long shoulder and the placement of the other washers and spacers will affect the operation of the caliper. If the bolt is just threaded all the way, it might suggest someone lost the original and you'll be lucky to get them to work right.

Any other bike like that with the same brakes that works correctly? If so, copy that assembly.