I read it somewhere, will see if I can find a citation. Basically the logic is exactly what we have here, death rate estimated based on identified cases during a pandemic when in fact entire populations were eventually 20% infected.
Of course Korea missed 86% of their cases, likely far far more. How many of those infected were asymptomatic and passed it to others who were then asymptomatic? Another huge chunk only have very mild symptoms that are barely noticeable. These groups likely pass it around to each other like crazy since they don't have any reason for concern. The older folks then get it from them, start coughing, are tested and isolated.
Koreans are very good about cooperating with an emergency plan like this, but certainly there are an additional 100k infected, asymptomatic, and "recovered" citizens not included in their denominator. They didn't have a nationwide outbreak of a brand new highly contagious virus and only end up with 9,000 infections.
This is why I think we're seeing the market rally this week. The greedy scumbag investment bankers can now see there's no real path to the apocalypse. Sure we could screw this up further and end up with 1M deaths, but that's very unlikely and also probably perfectly acceptable to these people looking for yield on their billions.