I guess the point to make is that some organisms change easily and frequently, some remain the same -roughly.
Let’s consider smallpox. It has a target audience - humans not yet exposed. For these, it seems to attack easily. Then, as the discussion above touches on, the body’s adaptive response means the host is immune form then on. So will smallpox change much? That depends. It’s found an express vector into human bodies; will a small change make it more infectious? Bypass the immune response of previously exposed hosts, so it can infect again? For smallpox that does not seem to have been the case. In fact, smallpox vaccine was discovered by the observation that a less dangerous cowpox conferred the same immunity (trained the adaptive response against the same virus surface molecules?) without the disfigurement or high risk of death. So unless the mutated virus wins the trifecta - bypass immune response to cause infection again while retaining the same infectious capability and being significantly lethal - it is not going to be a “better disease”. The current one seems to be good. A “better” disease that doesn’t spread fast is not much of a threat.
This is the crux of evolutionary niches - highly specialized organisms are adapted to a specific set of environmental circumstances, and once there, it’s difficult to escape. It’s the simple, more generalist organisms that are the cornerstone of the next wave of complex, differently adapted organisms. (Mammals came from mousey little things, not adapting from raptors and T-Rex.)
The flu might be a differently adapted virus. it’s included in its toolchest a surface that can change sufficiently to fool the adaptive immune system by reconfiguring into an unrecognized shape that the herd has far less immunity to. But, along with this it is far less lethal, and is a bit more difficult to spread. unlike smallpox or bubonic plague, it does not spread like wildfire and infect every host, nor does it kill most. This to would be an appropriate adaption - flu can give partial immunity to other varieties, so something that spreads too fast will tend to create a better herd immunity for any related variants. (despite what people call colds, many people have not had the real flu - it’s usually a lot more severe than a bad cold, I hear).
And as Reimann points out, the human body is not changing it’s immune system - it’s the same old immune system, just creating new antibodies - but only in response to infections. The fact that except for the regular warnings about new flu strains, we really don’t have massive outbreaks of untreatable and llethal diseases - that should tell you that the “arms race” model is not entirely correct. Things are nt changing that fast.
There is the occasional trifecta. Smallpox, whenever it emerged. Bubonic plague. Spanish flu. There’s the suggestion that syphilis was imported by the Spanish from the new world, and found an opportunistic vector in a more dense and mobile society in Europe.