The manufacturers are not price gouging. Most of their ammo is sold to wholesalers or large retail outlets and the prices are set by contract 12 months or more in advance.
Walmart for example deserves the thanks of all of us because they are the largest and they buy on long-term contracts with higher priority so they have great influence over the market price as their costs are locked in.
The ammo business is set up for steady supply/demand. The fluctuations in the market are not usually enough to warrant them building additional plant space and/or assembly lines. They will often run a third shift in times of high demand, but they have a long-term model that is set up for the average of the market not the peaks.
Ammo has become the new silver for many people and if you stockpile it when its cheap you can make decent money when it is scarce. It is a long-term easily stored commodity that makes us all feel better when we have it.
As far as “gouging” goes, it is mostly the speculators taking advantage of those who panic buy. It sucks for the new gun owners who don’t already have ammo and for those panic buying, but most of us make do.
Wal-Mart stopped selling handgun specific ammo in their stores over a year ago (fall 2019). Only rifle and shotgun ammo now. You can get .22LR, but if you have a carbine chambered in .357 or .44 Magnum, no bueno.