Assuming the numbers posted on the John's Hopkins website are not a hoax, the mortality of this virus is right around 3.8%. Maybe this number is higher that it really should be because of lack of early testing, which selects for only the sickest cases to be tested. But that has started to change in the last couple weeks (more people being tested in many countries) and the mortality rate is not really coming down much. The mortality in Italy is especially high. So based on the information we have available now, optimistic estimates place the mortality at 2-3%.
It is true that 167K deaths is tiny compared to the global population, and many other causes of death.
However, this virus appears to spread at least as easily as the flu. As of the end of February, there have been 15 million cases of the flu in the US. There will probably be at least 20 million flu cases before the season is over. If we did nothing, and let the coronavirus spread through the population just like the flu, we can assume the same number of cases, which would result in 400,000 to 600,000 deaths in the USA alone. This is the most optimistic estimate of how this would play out if we just went on with business as usual.
More likely there would be a million deaths or much more as the health care system is overwhelmed and can't treat people for coronavirus and all the other life threatening disease that are going on. This many deaths is enough to disrupt the economy even if we did nothing. So, in order to be safer than sorry, it makes sense to take these drastic steps to halt the disease now.
Shut things down now to slow the spread. Then slowly open things up after a couple weeks so the spread can be dealt with in a more controlled way. You see how much people panic just thinking they might be quarantined in their house for 2 weeks. imaging if this virus actually started killing a million or more people, how people would react. Stop going to work out of fear. Vital industries such down. Real supply line disruption. A little bit of panic now can prevent a much more devastating panic later.
And BTW, Elon Musk is a fraud. He hasn't accomplished anything except trick people into buying overpriced EV, and land a few rockets back onto a launch pad. Big Deal. SpaceX isn't going to Mars or even sending an astronaut into low earth orbit any time soon if ever.