Transmission of this virus from birds to humans is uncommon, but it has been going on for a long time. It always had the potential to kill some humans (usually elderly or having other comorbidities or both.
Transmission between cattle is something new and a lot more concerning because we share more characteristics with cows than birds. So far, no known cases of fatal flu transmitted from cattle to humans.
If the flu changes to allow human to human transmission, or so that it is more severe in cattle, you can be sure to hear a lot more panicky news. It's not like most Americans trust the CDC to tell the truth anymore and nothing sells news better than fear.
Traceability is collecting sales, births, deaths, and other disease tracking events to the government. This is so you can isolate and respond to disease outbreaks in the food supply. Traceability is the norm in Europe. The US government does not collect traceability data for beef or dairy cattle. They have talked about it for many years, but the industry opposes such requirements. Should the avian flu get a serious risk upgrade, it will not be possible to enact traceability in time to do anything useful to protect the general population based on traceability data.
BTW, I work for a software company for dairy management that is sold world-wide and has implemented traceability systems in the software for many countries. I wrote the system for Canada, and I have worked on German and Italian traceability systems. We fully expected that the US would require it pronto once cattle transmission started - but nope. When asking the powers that be about finally requiring traceability now that it has crossed over to cattle - still no action expected at this time. Why do we have a government that waits for a crisis (often at least partially a result of their own rules), then makes up new and often poorly considered rules in response?