Nobody, including the media, is recommending panic. So arguing that we shouldn't be panicking or that panic is "disproportionate" is obvious--those who are doing things in a panic are acting irrationally. If we're talking about the government responses and actual advice being given, I don't think any of that is irrational or disproportionate. I'm not sure if people understand this is still the early days--the "easy part." If you've ever played around with pandemic simulators, the worst ones are those that are highly infectious, don't kill a lot of people early on, don't even show up in terms of obvious symptoms for every person they infect and yet are lethal to a significant portion of the population. That's a good description of COVID-19. What that implies is that, absent interventions, we'd see a first wave of lots of infections (more than we're aware of) but not a lot of deaths, followed by a second wave of the vast majority of the population getting it and millions upon millions of deaths in every major country. And maybe a third wave of even more deaths.
So while the "numbers" don't seem so scary right now, you kind of have to kill the fly with a missile while it still is just a fly. Because if you don't, it'll become something much, much bigger than you can no longer contain or effectively combat.