It doesn't annoy retailers if they have plenty stock. Their margins are the same if they have much stock or low stock.
Obviously selling more with less profit is fine, but when you've not got an advantage over your competitors then you lose sales to those competitors and thus lose profit.
Thats the very reason they gouge the hell out of low stock items (e.g. 9900k at launch). So that their overall margins stay the same.
There was no margin protection happening during the 9900K fiasco of a launch, that was pure profiteering based on stock availability, and taking advantage of being in a position having items in stock. The margin for the CPU's is not lower now than it would have been if there was plentiful stocks of the 9900K at launch, since that is determined at the point of purchase from the distributor. If they chose to buy from grey markets, and 3rd party distributors at higher costs on order to hold stock then obviously they will put the price up, but the vast majority would have been sold with much, much bigger margins that normal.