I tend to believe the industry. After years of trying, they have broken into the women's market. Shooting is a sport more people enjoy today and the CCW opinion is in, many want one, or the option of one. My wife is not a shooter, doesn't like the noise. She has yet to turn in her CCW paperwork but it and the training have been done for a year. She has recently ASKED to go to the range and shoot her safe queen Glock. I believe demand at least as much as hoarding has led to the shortages. When I take a non-shooter to the range, the ammo price appears to not be part of the equation and once started 300 rounds are gone in no time. That adds up.
That said, I bought three cases of shotgun shells Friday. I do not load shotgun. They were cheaper than gunbot so I stocked up. The guy with me bought two cases. I am stocked better than I have ever been but I also shoot more than I have in years.
Buy early, buy often. I am happy I can afford to support the industry.