I think the government actions like travel bans and limiting gathering sizes are justified. The point is containment...incremental, half measures would be pointless.
The over-prepared-ness and panic is absolutely causing significant economic collateral damage. I am not worried about corporate America, it s very likely that the stock market will bounce back. OTOH, many small businesses (restaurants, bars, shops, barbers, etc ) and people living paycheck to paycheck will not bounce back. Businesses will be shuttered and houses will be foreclosed over this panic. That will ripple through our economy for years and have a greater effect than the virus itself.
Panic and herd mentality over 6 thousanths of a percent will have a lasting impact on large swaths of the population.