Just 29% lower is
nothing. NOTHING.
Of all people, the YC News crowd really ought to understand that O(exp(n)) overwhelms O(1) literally exponentially. Not figuratively. Literally.
If a virus variant has a constant factor reduction in its side-effects, but a higher exponential factor in infectiousness, the latter will overwhelm the former in short order, and then continue to overwhelm it even more. Exponentially.
Let me do some simple maths assuming that it spreads "just" twice as quickly as Delta.[1] Lets assume that at some point, Omicron will be the primary strain, and there are 29% less patients in hospital because of it. Assume the doubling-time of Delta is 1 month. (It's better or worse than this depending on circumstances, but start here.) The doubling time of Omicron is then 2 weeks.
So with Delta you have: 1.0 == .71 * 2^(t/30d) which solves to about 15 days to get back to a full hospital.
With Omicron the equation is 1.0 == .71 * 2^(t/14d) which means it'll be back to a full hospital in just 7 days. Then the hospitals will be at 200% capacity in 21 days, 300% capacity at 29 days, and 1000% of capacity in just 53 days.
Of course, the full mathematical model is more complicated, typically something like SEIHRD, but the point is that a mere 29% reduction in mortality is next to nothing compared to an exponential increase in infectiousness. It would have to be more like 90% less dangerous for that to matter at all in the long run.
[1] https://www.forbes.com/sites/masonbissada/2021/12/03/scienti...