“What is up with .22 ammo?” Nothing really. As stated in the famous Pogo cartoon, “We have seen the enemy and they is us!” When ammunition was purchased by shooters at normal rates of usage there was plenty to go around. What we are seeing here is an artificial demand based on fear and rumor.
Many years ago one of the popular TV late night talk show hosts (Johnny Carson??) joked about a toilet paper shortage. Sure enough, that crack caused a real toilet paper shortage as people bought up store supplies and horded what they had. Same with ammo now.
It’ll get worked out eventually. And some folks will have found they’ve paid three or four times the value for the ammunition they own. Such is life.