I really don't think that there is an overarching conspiracy, but as others have said: it's just supply and demand. I work in a food manufacturing plant, and it takes around 1-2 years to install a new production line; and I think our equipment is cheap relative to ammunition manufacturing equipment, and we still spend between 20-30 million dollars. And you have to do that with the "guarantee" that the business to support the investment will be there in the end.
The reason that we do it is because we are trying to get business away from competitors, because there is a limited amount of demand, so to speak. When it comes to .22 ammo no, the demand is basically unlimited. So in that respect, in my opinion, unlimited demand has almost the opposite effect: If all manufacturers can sell all they make (and I doubt that it is a terribly profitable item), then why invest more money into it? You're not necessarily going to get business away from competitors, and the risk-to-reward ratio may not be that attractive, just in case the demand does suddenly go down.
In my area, .22 ammo is no longer hard to find, but the price has settled at about $5 for a box of 50, or a variable thereof. While market price is always variable, I use this as my personal benchmark for the "New Normal". One local store has thousands of rounds in stock of all different varieties, priced at this level and slightly above. Another local store's supply varies week to week, and occasionally they have some for sale at $4 for a box of 50 (limit of 2 to 5 per person, depending on how much stock they have).
I've been ordering off of Academy Sports website lately. I check it periodically and just this week I was able to order two bulk boxes of Federal (325 in the box) for $17.99 each (about 5.5 cents per round). They do free shipping for orders over $25, so I just wait for the Fedex truck to drop it off. They were also selling Monarch .308 (which I think is Russian, but I'm not sure) for $7.99 per box, so I picked up some of that too.
I honestly don't know how much ammo I have. For most of my old milsurp rifles, I have somewhere around 100 to 500 round each, just depending on caliber (and some of it is old, old ammo, but it goes bang when I shoot it). For the modern calibers, I probably have a few thousand of each, but I don't keep track of it. I will go for a long time without shooting anything, then some friends will come over and we will blow through a thousand rounds in an afternoon....
Good luck and take care.