We get ours from Costco in giant packs, and always have. We'd just bought some when the last lockdown started, so had no need to buy more (and didn't), but I must admit, the thought that something might get to be in short supply makes me want to stock up.
I wonder whether if the media didn't go on about what people were panic buying it wouldn't be so bad? It's like the 'don't think about an elephant' thing - as soon as you hear that, you can't help it, the first thing to come into your mind is an elephant.
To be fair, it would be pretty miserable to be ill, confined to the house, not allowed visitors and out of loo roll! I don't see the need to buy hundreds of them, but having a pack in stock doesn't seem unreasonable.
Similarly, pasta is cheap, quick to cook, easily digested and easy to store. If that runs out, a lot of families would be challenged, so it's natural to get some spare, just in case. All it takes is for everyone to buy one extra bag of pasta or pack of loo rolls and there is a shortage.