If all you shoot is the common calibers like 9mm and 5.56,...yes, reloading doesn't make much sense, especially if you are only looking to shoot FMJ stuff for competition or training.
However, try pricing factory ammo for for the surplus calibers of just a couple decades ago that were dirt cheap then,...like 8mm Mauser and .303 British or even 7.62x25Tok. 8mm and .303 are well over $1.25 per round these days and 7.62Tokarev is at least $.50 cents each. But I can load 8mm and .303 for just $1 if I use new components, and even cheaper if I scrounge up some used brass. That makes a huge difference if you happen to own a Bren or an FN49 or Hakim, or God forbid, a belt-fed! And with 7.62Tok I can make them for $.37 cents with new brass, and cheaper if used. That's a minimum 25% discount from factory.
Then of course there is the fact you can custom craft ammo for your specific needs. Like cranking out super mild powder-puff loads for .38spl for the kids and ladies. Likewise, making barely legal power level ammo for cowboy action shooting.
In my case, I happen to enjoy some of the older "junk" guns you come across at gun shows, many of which are still shootable if you can find the ammo. I acquired an old Iver Johnson .32 S&W Target Model from 1907. Try to find current factory loaded .32S&W anywhere, I dare you. If you do, it is ridiculously priced. But loading it, after coming up with the almost equally hard to find brass, is far, far cheaper. It also happens to be a good lady's and kids gun too. And those are always good to have around.
Even the modern 10mm can be problematic to find in sufficient quantities whenever you desire. Or .30 carbine for that matter.
But for me, as I think I have described on here several times in the past, the value is more than the pennies saved. Reloading is transcendental and my source of meditation and calming. Because one can make a KABOOM mistake in they do not pay attention, you HAVE to shut out all other things from your mind when you are at the loading bench. No matter how schitty your day or the fight you had with you wife,...you MUST push all that out of your mind as you focus on the task at hand. And in so doing, as you spend hours cranking away making ammo, I find myself having achieved both a level of calm and sense of accomplishment, and thus have a spring in my step when I am done. I go to sleep happy and content.