My wife put it quite succinctly! Yes people will get it and some will die, but the hysteria is due to the fact that a lot will die unnecessarily because of the lack of ventilators. 80% of people will have a mild case (mild meaning not needing supplemental oxygen). The other 20% will need oxygen and/or a ventilator. This is where the rubber meets the road, because this virus spreads so rapidly, there will not be enough ventilators to go around. When we are talking about hundreds of thousands of cases, and even the "mild" patients will be clogging up the hospitals... there will be some unnecessary deaths. My understanding is that for my community of 60,000 people, our regional hospital currently has 3 ventilators and 5 Covid-19 patients!
Edit after the fact: Spoke with my wife's friend who is a nurse and she said that no one is currently in the local hospital with symptoms and the 5 that we heard of from another source may have been mild and sent home to self-quarantine.
Will get another update tomorrow.