The reason it is a different measure is that:
1. the 1968 flu toll is an estimate after the fact -- and, again, let me point out that you have deliberately chosen the upper limit rather than acknowledging the massive uncertainty; the CDC estimate of the 1968 toll is 1 million, for example:
https://www.cdc.gov/flu/pandemic-resources/1968-pandemic.html . The Covid-19 toll, whatever else its flaws, is currently calculated primarily on deaths among those who tested positive (and usually, but not exclusively, in hospitals/care homes/similar settings).
2. The 1968 pandemic is now over, in any meaningful sense (although, as I understand it, the same virus is part of the seasonal flu). The Covid-19 pandemic is ongoing, and the toll is certain to increase for months yet. There is, for example, no sign of the death toll decreasing in Brazil, and in the US it's even increasing.
In any case, the death tolls from 1968 v. 2020 are based on completely different measures. It is an abuse of statistics to treat them as comparable. Even if you have a point that the approach has been excessively damaging, at least take the trouble to get your facts and evidence straight.