There's a simple reason for that: the lockdowns are killing lots of people and will kill even more. That's not under-reporting but rather an obvious outcome of clearing the health system in expectation of a surge that never came. Probably the UK will see an extreme form of this effect as people are encouraged to see the NHS as a sort of public park that everyone has to take care of rather than a large mechanical system, as in countries with private/insurance based healthcare.
Admissions at hospitals have collapsed: in the UK they halved. Admissions due to respiratory illnesses however didn't really go up, not surprising when you consider the small absolute numbers. There is now a massive backlog of operations and diagnostics for cancer that health systems will struggle to clear in time.
There's a story with some analysis of that problem here:
https://www.telegraph.co.uk/news/2020/04/26/what-second-coro...
In the past the recommendations of epidemiologists have ended up killing a lot more than they saved, with the 2001 foot and mouth epidemic in the UK being a classic example. It's likely it will be true again this time.