The problem was real, and even if the patch to fix it wasn't rocket science, it still took time to track down the problems. Much of the affected code was more than 20 years old, and no-one had looked at it or even compiled it in years. Bringing that code back to life to be able to insert a fix was no small issue that could be corrected in the middle of a crisis. Multiply that by all of the other potentially critical systems, such as power transmission, medical equipment, factory plant, and you're staring down the barrel of a potential disaster. I don't understand why some people today want to pretend that there wasn't ever a real problem for Y2K - I saw failing systems with my own eyes.
The panic in that case was not overblown in the tech community (I tend to ignore the panic in the general media because that's always overblown). The non-event of y2k was an amazing accomplishment, and replies like yours demonstrate just how under-appreciated it is.