A quick Google search says that hot tub dealers typically strive for a 40-50% profit margin.
Taking the 40% margin, if they were selling for 16k, and now 20k, it is likely their cost went from $9600 to $12k.
If the market is scarce, and the dealer knows that they can sell it now for $20k easily, then I'm definitely siding with the OP here on the ethical side. Although, it does all comes down to what is actually in the contract and if the price is guaranteed.
There are plenty of examples of businesses taking advantage of scarcity caused by supply chain issues to maximize profits. PC video cards being one such example.
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