Ps5s are about $500 still iirc.
You can totally get a used hi-point for less than that. Shit you can get a brand new one for less than $500. Police trade-in glocks go for about $400-$450.
They're not nice guns, but they definitely work. I think this buyback program may very quickly run out of money, and if anything it encourages people to buy guns they otherwise wouldn't have just to trade them in.
Cheap revolvers, guns with uncommon calibers, and guns with lots of rust/cosmetic damage that technically still work.
The gun deals subreddit has occasional super cheap sales on assorted guns that work but nobody wants.