Maybe it's the version you're playing on, but, in 2.2 and 2.3, I'm NOT 'drowning' in ammo. Rather, I do have enough, not overly enough, just, enough. Granted, I'm only up to level 50ish in 2.3 and still mostly meleeing, but was up in the 70s before I wiped 2.2 and started over and was mostly using SMG and Pump shotty. I wound up making shotgun ammo because I wasn't finding enough. RNG, maybe? I know it was really bad in 2.1 and, yes, 'drowning' fit that version, but now.. eh?
Edit* or maybe.. your settings?