It actually never stopped being a physical danger. The only thing that changed is how long it takes for the damage to unfold.
At the start of COVID, people were rightfully shocked that hospitals and morgues were overflowing, and they reacted accordingly. That's no longer an issue (for now) with these latest strains, but acquiring Long COVID and dealing with its effects is definitely still a real concern.
Long COVID is vastly underdiagnosed. You might not get it until your 4th/5th/6th re-infection. That reinfection might also be asymptomatic, and/or Long COVID doesn't set in until weeks or months afterward, meaning people often don't link the two events. People not taking precautions (majority) are getting re-infected on average once per year since immunity from a previous infection typically wanes after 6 months, and there are about two waves per year for any given area.
Vaccines are of limited utility since they don't prevent transmission. A consistently worn N95 in public spaces is the only reliable means of defense, and everybody in your household needs to do that in public for it to be effective within your household.