JIT is a gamble. Interruption is going to happen sooner or later. The gamble is, the cost of the occasional interruptions can be covered by the savings when it is working well.
My opinion is that most executives under estimated the cost and over estimated savings. My favorite example is Sony-Ericsson. Yeah, JIT saved a lot, until 2011 - parts shortage, no Ericsson phone for the Christmas season. Unable to recover from their market share lost -- no more Ericsson phones, gone, kaput, finish, ghosted.
I do however fail to understand the current lock down which caused the panic stock-piling. Europe did not have their economy locked down during WW-II. Britain was open during the blitz (aka The Battle of Britain), open when it was under V1 and V2 attacks. America was open during the Spanish Flu (1907), open during the Small Pox epidemic (1775) while having a revolution against England... I am sure there are many more such examples.
I think human-kind (or just the modern world) has turned jelly. People just imagine they can have a totally risk free life, and turned into jelly when they are told there is risk, just a small risk, they turned into jelly -- mean while, just a year or so before, they were bungee jumping or week-end car racing.
Something is not working right. We lost our grit.