The drop in death rate (the number of deaths per 100K infections) does not mean the virus is less lethal or that we have effective therapeutics against SARS-COV2. We do not. Remdesivir is the only antiviral we have and it is less effective than Tamiflu is against influenza. The monoclonal antibodies, such as Regeneron, are derivatives of an immune response. There is every possibility that it can trigger a cytokine storm leading to respiratory distress in sensitive individuals. The data are currently inadequate to render any meaningful conclusions.
It is important to understand that the death rate dropped in part because we initially hesitated to use a very powerful steroid, dexamethasone, because it is an immunosuppressant. We wrongly believed the respiratory distress was directly caused by the virus itself. In reality it is caused by the body's immune response. Once we began the widespread use of dexamethasone, we saw survival rates begin to rise.
Another COVID-19 oddity is the large number of widespread microclots that happen. Once recognized, we began using a variety of blood thinners, which also increased survival rates.
The third factor, little discussed, is that this disease, like most diseases, kills the most susceptible and weakest first. When admitted into hospital, these patients not only died, they died rapidly after intubation.
The cases being admitted to ICU units currently are younger and healthier. Therefore they are more likely to "survive" longer if they do die and they have a higher chance of surviving ANY disease. This translates into bodies in beds for longer periods at a time when the number of bodies needing a bed is growing exponentially. There will NOT be enough beds or personnel to treat every person needing a bed, no matter the reason.
The excess death rate (deaths for any reason over a period of time greater than normal) is already large (over 300k so far). The excess death rate will also begin growing. Heart attacks, car accidents, strokes, appendicitis, cancers, injuries due to falls, etc. WILL NOT STOP. However, some will be denied all available treatments because there will quite simply not be enough to go around.
Please think of SARS-COV2 as an invading army. Every day we do not fully participate in stopping the spread (see below), more and more enemy troops are landing in your town. Eventually, you will be overrun.