The Spanish flu was over 100 years ago and was detected with fewer mortalities than covid. We haven't suddenly developed a new value for human life - 50 years ago, people still cried when their grandparents died.
I think also with the Spanish Flu it was more younger people who died. A lot of people who "died from Covid" are already much older than people would have gotten 100 years ago.
Excess mortality because of Covid is barely visible in many countries.
Anyway, it is all speculation at this point, would have to dig up more data. It's just an opinion.