Price gouging usually leads to producing more stuff, if it goes on long enough and you are allowed to produce more.
Healthcare is an example where this doesn't work, because you aren't allowed to produce more stuff. You can gouge all you want, but can't provide any additional quantity of services. (See: Certificate of Need laws in the US)
If the providers of those necessities possess a monopoly, either natural or through regulatory capture, humans will pay whatever they have to get those necessities. It is important for social prosperity to prevent extracting excess profits through monopolisation, either by destroying the monopoly or by taxing it and reducing other taxes on the individuals.
If they doubled the price consistently, they would no longer be a low margin business. The fact that they are low margin is evidence that they are not gouging.
I think there's also a misperception of the public on a lot of items. Many of the dramatic price increases we see are deferred inflation from not raising prices (and subsequently eating the added supplier cost). We generally don't see steady 2-5% price increases every year, but rather large step increases every few years. Many of those step increases are catching up for the previous years where there was no increase.
FWIW, I'm not saying there isn't opportunism going on, but it's much less likely in low-margin commodity businesses.
You might say there's then an incentive to undercut, sure, but if you undercut too much you'll be left with no inventory as the rest of the manufacturers decide on fixed prices as a cartel (which has now become the norm in most industries). The trust busting has been nowhere to be seen in the last decades and the results are in.