https://x.com/valvesoftware/status/2051695149026353424
“Steam Controller ran out faster than we anticipated, and we hate that not everyone who wanted one was able to get it. We’re working on getting more in stock and will have an update on expected timeline soon.”


Because market conditions are fucking insane right now. If they allow backorder and their production price doubles they would have to either honor the orders and take a huge loss, or refuse to honor the price and take a reputational hit.
$5 to get in queue. Price adjusted as needed when order is available. Done.
This free-for-all system is bullshit and has been extra shitty for everything since 2020.