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There is something going on for sure, all the servers of the game Final Fantasy XIV went down in NA, EU, and JP too https://is.xivup.com/
Whenever this happens there are a ton of build failures and auto-scaling problems from boxes that talk to npm in their install phases.
I've been wondering why we don't all have squid proxies setup for NPM or other centralized dependencies. When I run npm install, I'm hitting the local cache 99% of the time, so I'd imagine that it's a perfect use case and would let us all keep doing our job when this happens.

Am I missing something?

No, you're not missing anything, besides that most people who do depend on NPM these days, do in fact run their own proxies as the registry does down so often. Verdaccio is the one I see being used in the wild most often. https://verdaccio.org/
Typically big orgs run jfrog artifactory caches (and get to enjoy down time when they break)