Public choice economics explains things a lot better than tinfoil hattery.
I have a few theories about TP.
Most people don't have a stockpile on hand, and felt the need to buy goods they would definitely need in coming weeks, especially if a true quarantine were imposed.
Toilet paper is a large but relatively inexpensive purchase that makes people feel like they have done something.
People aren't using public restrooms and workplace toilets, so the bog rolls used at home are in higher demand, while the bulk rolls used for public toilet dispensers are piling up in storage, or so I have heard.
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I think people fear running out of toilet paper (somewhat irrationally) more than other things. Toilet paper being bulky also probably means that stores don't have as much extra stock on had as of other things. Still, it's been a month since shelves were bare of toilet paper here and they are still bare. I keep hearing how there's plenty in the supply line but you think they would have resolved this by now. The fact that they haven't exacerbates the problem becuause people expect shelves to be empty so they scoop it up if they see it even if they don't need it. Fortunately, I happened to buy toilet paper at Sam's shortly before it started disappearing off of shelves. Those 50 rolls last a while even with 7 people in my house :).