Yes, it is absolutely ridiculous to be going on about "existential threats". It will be somewhat of a nuisance. Astronomy will still happen, data will still be gathered, they'll just have their algorithms remove a few satellites from the thousands of photos taken.

Ultimately this is a problem that indicates its own solution: There's so much stuff up there because launching stuff has got so cheap, comparatively. Since launching stuff is getting so easy we'll be able to pop up space telescopes easier, too.