Hi, vmirat.
mv^2/2 is the kinetic energy of the moving body (vehicle in the case of a barrier).
The difficulties with F=ma, as far as barrier design is concerned, are that the deceleration 'a' is difficult to estimate, and will probably vary during the impact anyway.
For a conservative barrier design, the kinetic energy before impact is equated to the strain energy of the deformed barrier structure after impact (including plastic deformation if relevant) to calculate the deflections in the barrier. From there it is relatively simple to calculate the final stresses.
If you want to get very 'fancy' you could possibly include an estimate of the amount of strain energy that would go into damaging the vehicle, and only design the barrier to take up the balance of the energy input.