Exactly. The confirmed cases are likely a tiny subset of infections, so using confirmed cases to calculate mortality is an exercise in futility and fearmongering. Most of the people in Chinese hospitals are elderly or people with other health conditions. Just like the respiratory viruses we are all familiar with, the flu. How many of you go to the hospital each time you get the flu? For all we know, millions of Chinese just stayed at home and rode out the coronavirus infection, just like most people all over the world do with the flu. I expect mortality rate to be lower than 5%, and fairly close to the common flu.
What is worrisome is that we are starting to see transmissions outside of China. Prior to a day or so ago, 100% of confirmed cases were a result of transmissions in China. No longer. There are now confirmed transmissions in Germany, Japan and Vietnam. All of these were transmissions from someone who had been in China. The next step toward a self-sustaining outbreak (i.e., independent of China) would be for transmission from someone who hasn't been in China. At that point, WHO will have to elevate their pandemic risk level.