1. The largest civilian ammo manufacturer (Remington) went bankrupt and ceased operations.
Recently restarted under new ownership.
2. Around 12 million new firearms owners came of age, went out and bought firearms/ammo.
At just two boxes of ammo per firearm that's 24 million boxes of ammo demand increase.
3. A rush of 'Stockpile' ammo hoarders rushed out and bought up everything in sight, starting just before the 2016 elections and continues to this day.
4. In 2017 the president threw down tariffs and started a tariff/trade war with the largest suppliers of copper, brass, lead & propellant manufacturing nations,
Prices shot WAY up on raw materials,
Importation became a nightmare,
Delivery schedules were thrown into chaos.
5. Propellant manufacturers have issues.
American & Australian manufacturers have issues getting raw chemical components from China, both being in a trade war with China,
Few manufacturers in the US since most have been sued out of existence, which leaves most propellants used in the US being imported,
Foreign manufacturers domestic production to supply, plus other export customers to supply,
And for those not paying attention, importing anything into the US has become MUCH harder/more expensive and takes much longer to get through customs, be permitted, transported in the US, often held for months before cleared and shipping arrangements can be found.
Add to that, just finding qualified personal to transport the propellants is crazy difficult with COVID/federal/state offering as much as $4,000/month NOT to work, people simply aren't working...
Keep in mind, just to handle/transport explosive cargo (truck drivers for instance)
You have to be 23 years old,
2 years on the job,
Near perfect safety record,
Have 4 different Homeland Security background checks,
You have to have specialized training & equipment.
I have all the above, but currently otherwise occupied/employed (through what's supposed to be my retirement).
While worrying about your 'Wants' for entertainment in your chosen 'sport',
You missed the fact the US food delivery system is about 24 hours away from crashing (should be about 7 days in the chain),
And the energy delivery system is about 36 hours away from crashing.
One thing about conspiracy theorists, they are ALWAYS looking the wrong way when saying the sky is falling...