So, one thing to consider is that "how bad it gets" can be directly related to how well people and governments prepare. For example, if the CDC starts work on having vaccines made and stockpiled now, they may be able to react quickly and decisively to any outbreaks as they happen and prevent them from growing to a pandemic level. If infections are kept to low levels and the CDC ultimately has a lot of left over vaccines, did it "over react"? It's actually a hard question to answer, because it's entirely possibly that the end result was a direct result of that stockpiling and rapid reaction, leading to some level of wastage. However, had those precautionary steps not been taken, shit would have hit the fan.

We had something similar back with the Y2K Bug was being talked about. Companies lost their shit over it. But, when the date finally rolled over, it seemed to be a huge nothing-burger. Part of the reason it was such a nothing-burger was the fact that companies actually did a lot of work to validate and fix software before the date roll over. So, in retrospect, lots of people talk about the Y2K bug like it was all hype. But, had action not been taken ahead of time, it really would have caused a lot of problems.

This is the perennial problem with proactive fixes, if they are done right, people won't be sure you have done anything at all. So, it is often difficult to get people to prioritize future problems. Even when the cost to fix those problems now will be vastly less than waiting until the problem actually arrives.

So no, I don't think it's "overblown" per se. It something that governments and health organizations should be tracking and should be working to have plans and resources available for. On a personal level, not much is changing. It's not currently at a level that I feel I need to make major lifestyle changes to avoid. The CDC puts the risk as currently low, and has seen no cases of human to human transmission. If any of that changes, I'll re-evaluate.