Exactly. Fatality rates are mostly just a function of a country's testing (how much testing they're doing, and how biased the sample is).
If you're only testing a small # of people with severe symptoms, obviously the fatality rate will look really high. If you're testing a much wider section of the population, and testing people who aren't severely sick, the number will look lower.
Some examples:
- Iceland randomly tested people in the general population (no symptoms), they found ~1% of people tested positive, and half of those had no symptoms (and so probably wouldn't be tested). [1]
- Italy tested an entire village (the village had a cluster of cases), 3% tested positive, of which half had no symptoms.
- One professor used the Diamond Princess cruise ship as a baseline, and estimated anywhere from 0.025%-0.625% [2]
- China had a fatality rate of 17% initially, which went down to 0.7% if you only consider symptom onset _after_ Feb 1st. [3]
Of course, there are a lot of other factors, and it's possible that the rates end up in fact being really high, but there's an argument that we just don't know how many people are infected and fatality ends up being a lot lower then just dividing # of deaths by # of confirmed cases would have you believe.
Just to be clear: even the lower case scenarios are really serious and worrying, and I'm definitely not in the "this is just another flu" camp. But there's a huge range of uncertainty here.
[1] https://www.government.is/news/article/?newsid=f96a270c-66e8...
[2] https://www.statnews.com/2020/03/17/a-fiasco-in-the-making-a...
[3] https://www.cebm.net/covid-19/global-covid-19-case-fatality-...