So coming from the perspective of someone who thinks this virus IS terrifying, here are my thoughts--
It crushed a massive Chinese city's medical infrastucture, requiring draconian measures and a total-society push of very impressive quality and quantity to regain control.
It is decimating the medical system in Lombardy, which is modern, Western, and not horribly dissimilar to areas in the USA.
South Korea and Japan controlled relatively small nidus outbreaks with a varied approach, but both requiring significant societal buy-in, and in the case of Korea amazing volume of testing and contact tracing.
The US has largely decided to buy toilet paper and canned beans, and not implement massive active viral surveillance, testing, and quarantine/contact tracing. Not precisely the initial Italian response, but not exactly the Chinese / Korean response either.
The R0 / infectivity and doubling times are holding strong around 2 and 6 days, respectively.
Unlike Ebola, or even Influenza, this little disease sheds asymptomatically, or with mild URI symptoms in many patients.
Without some degree of control, 1,000 cases in an area are 8k in 24 days. Yawn. But over the next cycles they are 16k, 32k, 64k, 128k. Basically 6 weeks to go from 1,000 cases with 5-50 deaths and 50-100 ICU admissions, to 128k cases with 2500 deaths and 15,000 ICU admissions (largely requiring vents). Losing control, after a handful of replication cycles, leads to obvious collapse of the medical system.
As proof of its danger, the nursing home in the US hit by it had 50% of its patients hospitalized, and 25% dead (rough numbers). Image that hitting the little nursing homes near your hospital.
So to me, this little bug passes the sniff test that it ISN'T flu or H1N1.
To those that say "everyone can order a test for Covid" please call the DPH here. We haven't had a test approved. They can do a few dozen a day. For the entire state.
So, I believe this is a real/present threat. I believe because of doubling times, it isn't presenting as a big deal TODAY. But in 4-6 cycles (a month or so) the numbers are rather petrifying. I don't really want to spend a couple months converting random closets in the hospital to ICU beds, hand-bagging patients because we are out of vents, and attending the funerals of my colleagues. Clearly if this goes hot, I'm losing nurses, docs, and RTs I've work with for years (they aren't all 30yo healthy triathletes).
Logically then, I am interested in ways we can slow/control the burn of this disease. Sadly, it seems at this moment social distancing, with massive economic impacts, is the most logical was to achieve this goal. Maybe it is too early, and here in the US we have another 2 weeks until it is "necessary". Lacking testing, we are blindfolded to the real nature of the problem we are dealing with, making it VERY easy to both overreact, or under react.
Or the data is wrong. Maybe the CFR is really .1% (but why is Lombardy burning then?). Maybe it'll just melt away in the summer (does it come back in the fall?).
But I find this head-in-the-sand "its no big deal" a strange mix of cognitive dissonance, normalcy bias, outright narcissism, and good old fashioned ignorance.