"Mass hysteria" is exactly what this is, and probably one of the greatest ones in history. I recently read "The Delusions of Crowds", written by E. Bernstein and published in 2021. Bernstein frequently notes that the author of the very well known "Extraordinary Popular Delusions and the Madness of Crowds", published in 1841 by Mackay and during the height of the British Railway Bubble, almost completely ignores that now well-known popular delusion.
Ironically, Bernstein had nothing to say about our response to Covid, and only occasionally parroted the accepted platitudes about the pandemic.
As someone who is pretty well read in Le Bon and crowd psychology I still think there are several key differences between traditional mass hysteria and the COVID response in certain countries.
The formation of large blocs of people who will not tolerate any dissent to the current state of Covid thought, and the scapegoating of those who question or do not fall in line, and a corresponding decline in the social, moral, and economic health of a country, certainly bear striking similarities.
Ironically, Bernstein had nothing to say about our response to Covid, and only occasionally parroted the accepted platitudes about the pandemic.