I can almost guarantee there is no SURPLUS of factory ammo. Yes, the shelves may be fuller than a couple of years ago but I doubt stores are refusing shipments and warehouses are backing up. As a history lesson to you, in early 2020 people started panicking and buying guns. By early 2021, almost all gun stores had bare shelves and people were jumping on Gen3 Glock 17's as if it was a 12 pack of toilet paper.
In early 2020, I was still buying primers for $40/box when they were available. In 2019, I would buy them when on sale for $22/box and only stomach the $30/box if I needed to restock. In mid 2021, you could still buy primers for $49/box but were usually limited to 1 box per customer/day and they usually sold out by the next day.
By late 2021, guns were back in better supply in most of America but ammo became scarce because all those new guns needed to be fed. Ammo makers went into full production and ate up all the primers and powders and those components dried up.
Now that ammo is getting into better supply, the stock of components will start to return. Not to pre-2019 levels but after a few months of sitting on the shelves at $90-$100 box, the prices will come down to probably $60/box and powder will go from $40-$100 pound down to $25-$30 pound in 8 pound jugs.
I remember in 2010 when I could go and buy a pound of any powder produced, try it out and if I liked it, go back and buy an 8 pound jug and be set for a year or two.
Depending on the national political atmosphere and pending any more media hyped "mass shootings" and "gun violence" stories, primers and powder will be much more available although at a considerably higher price, but no where near as expensive as loaded ammo. It just makes sense, if loaded ammo is anywhere close to the cost of components, the components will simply gather dust on the shelves until the prices become reasonable.
I can't emphasize enough to stock up when you can, especially when prices are reasonable. I've only been reloading for 15 years but have seen at least 3 prior cycles of panic buying, shortages and droughts of ammo and components and always keep at least a year of reloading supplies on hand and when prices are "normal", buy as soon as I am anywhere close to finishing up a box of primers or jug of powder.