I would explain that as pneumonia from untreated illnesses. Some may have been covid (no one knows). But most were probably other things left untreated due to fear or belief that hospitals weren't taking you if you weren't dying of covid.
Also I would point out we're talking about excess deaths of 122k, of which 95k were covid. So that leaves 27k excess deaths. My math says this is ~4% of the total 659k deaths that are expected.
4% is statistical noise. There's no real reason to speculate about them because if you average 659k but one year have 685k, it's just a bad year that gets lumped into the average.
I'd say speculation on this will always lead to a confirmation bias because nothing stands between the analysis and opinion. If you want more covid deaths, you'll see this as evidence of them. If you don't, you'll attribute it to other causes. If you don't care one way or the other you'll admit you don't know.
Short of testing proving these deaths were (not) covid there's only argument that the deaths are (not) covid.