In the Netherlands they found out by coincidence that some people who have a broken TLR7 gene don't fight the virus so the virus hits them very hard.
So there may be multiple reasons.
I think the idea is that younger, healthier people with better immune systems are able to prevent the virus from replicating as much, whereas sluggish immune systems and bodies that are highly inflamed like overweight ppl, diabetics, etc. (high leptin, also related to il-6) get overwhelmed.
T-cell immunity/cross-reactivity meaning that most people have the ability to fight the virus from exposure to other coronaviruses.
I think a major component of the death toll from the pandemic is basically a consequence of obesity. I'm suspicious that govt interventions, planning, etc make that much difference when the US is an order of magnitude more obese than Japan, for example.