In a nutshell, everyone is staying home. That means they use toilet paper at home, rather than at work.
That means the demand for home toilet paper is much higher than normal even without hoarding. The manufacturers haven't turned on a dime and changed the amount they make for home rather than the type they make and distribute for offices & buildings.
I work at a Walmart in a very small town in SE NC. We get a toilet paper delivery almost every day. It comes out at 7 AM and store opens same time. (6-7 for seniors on Tues.) I was told it is gone before it can reach the shelves. Sold (1 pkg per person) right off of the pallet. This is still happening today. Since I work 3-12AM, I am unable to get this luxury since I sleep until about 12pm and go to work at 2:30. I search the store and there is nothing left. Even as an employee, I do not get the perk of having someone store it away for me. (against the rules, a firing offense) There is some sort of sick mentality on this TP run. It has been like this since right before everything really started and hasn’t dropped off.
Same thing with meat. Everything gone by 9-10AM. It has tapered down some but never anything left by 3pm. As a cashier, I can see what people are buying daily. The biggest tragedy is parents trying to buy baby formula and can’t find any.