Very few go buy 12 bags of TP and 30 bags of flour. What we are seeing is the cumulative effect of people preparing for the worst impact the supply chains.
This isnt a normal time, so people arent normally buying things. They shouldt be normally buying things either.
You should have 2-3 months of food in your cupboard right now if you can. A lot of people didnt, just wised up to the world, were in denial up until this week about where this was headed, and now there is a rush to the stores.
Stores are now limiting entry to maintain social distancing, and rationing exisiting supplies.

Queues to get into grocery stores have started, but you aint seen anything yet.

My goal was to avoid all that altogether, and we added to our existing stashes so we dont need to leave the house now, for any reason, for three months or more if needed.