[fladrif]

From what I understand, price is sticky. It may have been difficult to be greedy as a first mover, and also difficult to cooperate to increase prices. When an external driver (pandemic) occurred, all players found a natural driver of prices and let their instincts take off. My unlearned thoughts.

[tyrfing]

Wages are sticky. Prices of undifferentiated commodity products are not, which is why Tyson (as an example) has falling ASPs and negative margins on many products.

[nerdponx]

It's a similar phenomenon to companies waiting until a recession to lay off extra and low performing workers.