I actually made some "boxes" out of index cards to do that. I got the sizes just right. The same size box will hold 50 9mm rounds (5x10) or 32 45ACP rds (4x8). A slightly different shaped box of slightly larger area will hold 45 40SW rounds. I used a 3-sided guide to hold the boxes stable until they were filled. Course, this is a huge waste of time, and while it packs 'em in tight for long term storage, a thick plastic bag works just as well for stowing in the range bag.
Nowadays, I double bag them with a heatsealer in 50-100 rds per bag, and drop 'em in an ammo can. That way I can put multiple calibers and/or bullet types in a can, and I can rotate stock.
I even tried wrapping masses of bullets in stretch wrap. I guess that might end up something like a vacuum sealer. But I prefer loosely packed sealed bags, cuz they pack better in an ammo can or a range bag.
The most interesting way I packed bullets was kinda like a combination of the "old school up/down" box and stretch plastic. I packed 50 9mm rounds up/down in a collapsible box with the sides connected only with tape and bottom completely free. Then wrapped the whole thing in stretch plastic. Then I cut a slit in the corners to cut the tape and to pull out the sides and bottom of the box. Then wrapped a couple more times. I was left with a perfect rectangular brick of ammo wrapped just in a few layers of plastic. It was pretty neat, I gotta say. This was just an experiment, mind you. If someone could invent a machine to do that, maybe with heatshrink plastic, it would be really, really kewl. I couldn't figure out how to make that happen, unfortunately.