To over simplify, let's say that you have 100 people in the market: 90 people who can afford $100 per card and 10 people who can afford $200 per card. In typical times, you charge $100 per card and sell 100 cards, earning $10,000 in revenue.
Now you have a chip shortage, and you can only produce 50 cards. If you charge $200/card, you only sell 10 cards, earning $2,000 in revenue. If you charge $100/card, you'll sell all 50 cards, and earn $5,000 in revenue. So it can still make sense to keep the price lower if it makes you more revenue overall.
What you've described is nothing like a real market. Where are the people in your model who are happy to pay $110? $120? If there are 10 who'd buy it at $200, and 100 who'd buy it at $100, surely there'd be 50 who'd buy it at $130 or so.
That ignores the social aspect entirely, too. How many who were originally willing to pay $100 will later pay $200 when they see others pay that amount for the item and it becomes scarce?
Now you have a chip shortage, and you can only produce 50 cards. If you charge $200/card, you only sell 10 cards, earning $2,000 in revenue. If you charge $100/card, you'll sell all 50 cards, and earn $5,000 in revenue. So it can still make sense to keep the price lower if it makes you more revenue overall.