People got caught with their pants down, and panicked once supply started to dry up. So now they're prioritizing purchases, so they'll buy more than they need as they can, and they'll pay more for it in order to guarantee that they can get something.
Someone who's always been fine with 5 AR magazines may decide he needs 30 now, plus a spare AR. If he shoots 100 rounds per year, then maybe he'd like 2,000 rounds secured now for future use. Maybe it's time to start reloading, so he's buying up equipment and components.
And on and on it goes. Once everyone can feed their newfound gluttony, we'll see prices stabilize, then some good deals will show up on the used market.
OR we'll find some heinous laws passed, and we'll wish we'd jumped on ammo at $1 per round.
We'll see later this year either way.