I have been feeling this way since not long after shortages began.I'll throw this out for discussion because I see it in pulp/paper and a few other industries regarding current circumstances and I doubt the ammo industry is any different in terms of general supply chain model.
From the perspective of the manufacturer or retailer- the product is being "consumed" ( removed from the chain at the cash register)
Whether the purchaser is consuming ( shooting) or maintaining a contingency stock ( hoarding is a media term with a deliberate negative connotation) has no bearing on the supply chain UNLESS the customer is no longer purchasing. (in which case there would be a glut or excess resulting in diminished production as is normal in supply side economics until demand comes back)
Everything I see says people are wanting more ( a vacuum on the other side of the register) but production seems to be stalled as well. ( one would think they would be running additional shifts to make money while the demand is peak)
I think the chain is being strategically starved up and down the chain of key components to make sure the supply is not there in significant numbers. I don't think its accidental.
Just an opinion and observation.