I don't know the inner workings of all the ammo manufacturers, but I do know that Remington is cranking out rimfire as fast as their process will produce it. Demand is still higher than supply.
However, it's not just that simple. Most manufacturers don't make that much on rimfire products so they may have shifted some of their operations toward the higher profit centerfire ammo while the demand is white hot.
Also, I assume there are quite a few shooters that have put down their centerfire rifles and pistols and picked their rimfires back up because they are much more pocket friendly to shoot these days.
Lastly, we all know the hoarders out there are stocking up. Personally, it doesn't bother me in the slightest. For this brief moment in time we still live in a free country where Capitalism still runs the show. If you have the $$ and the desire you can purchase all the ammo you want.
The guns and ammo market is starting to cool in my area. You can go to most stores and purchase whatever ammo you want and they actually have some AR style rifles in stock.
Never corner something that you know is meaner than you.
"All that is for us to decide is what to do with the time given to us." - Gandalf the Grey