I think preppers are the 'wise squirrels' who have put aside goods for a rainy day. Preppers will have been doing this for possibly years, so it's not new behaviour. I started prepping about 15 months ago because of the Brexit situation. As a result, it has left me well-insulated against food (and bog roll!) shortages. I have not had to 'panic buy' during the past couple of months.
There's one thing that stands out to me - as many people are now working from home or self-isolating possibly with kids at home too, they are going to be using far more food than previously, as there's no popping out in lunch breaks to buy food or school meals supplying lunches, etc. I can imagine the panic, especially when told we have to self-isolate for 14 days if a family member becomes ill. People will be thinking 'how on earth can we manage for 2 weeks without getting food in?' and because they have not been used to regularly shopping for everyone being at home, they will have no idea how much food they actually need (capacity planning, as my DP would say). Thus, the tendency to overbuy, especially if you consider the psychological impact of seeing bare shelves, or someone picking up the last packet of something. This is contributing to the basic human need to survive, and couple that with reports of deaths from the virus, it's probably asking too much to ask people to 'just shop normally'. What even is normal shopping in these times? So I get what people are doing.
Plus people had no idea (and to some extent we still don't know) how long all this will go on for, nor how bad it will get. It feeds into this mass anxiety.
There's always be people looking to make a fast buck buying up and reselling items. They are the lowest of the low imo. But many are simply trying to look after themselves and their (extended) families out of fear. I can't really condemn them for that.
There will be a lot of lessons to be learned after this epidemic passes, and I hope one will be that everyone needs to be better prepared for serious events like this, and for those who cannot due to financial difficulties or otherwise, the govt needs to be able to step up far more quickly than it has been able to do this time. The 'wise squirrels' should not be condemned, perhaps it's because those who have not been wise, or could not be, are lashing out through fear and anger. We are not the ones you should be angry with.