Social distancing to flatten the curve is still the right call, but at some point nearly everyone will have had it and most of those with other underlying conditions or special susceptibility will have died from it.
Regarding over-hype, there's an argument there when you put it in context. The vast majority (perhaps 99.9%) of people who die this year will die of something else. But almost everyone will be negatively affected by the economic impact, the other invisible threat.