Its not a spike. They are misreading their market - perhaps to their own demise. Sadly, this is common for American managed enterprises.
The first company that comes in from say Brazil or Israel and starts putting in new, large facilities will reap the windfall. Look at it this way - you are a big ammo distributor; - who are you going to give the contract for the next order to company X with big new state of the art facilities or Hornady who added some shipping clerks?
It’s not Hornady’s business model to sell lots of cheap ammo. They’ve always leaned toward selling higher end match grade, self-defense and hunting type ammo, so I don’t think they will lose out to others that might be concentrating on high volume sales.