Choosing a denominator of only people with COVID who go on to develop pneumonia, results in a rate of 2%.
Choosing a denominator of all people with laboratory confirmed cases of COVID, results in a rate of 1.4%.
Clearly a denominator of “everyone who was infected with COVID” is larger than the denominator of “everyone with a laboratory confirmed case”.
The question is, how much larger? The number of reports of asymptomatic and mild cases which are asked not to go to a hospital are specific reasons why the true fatality rate is less than 1.4% and may be considerably less than 1%.