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No. 11293
Rarity is only one of a number of factors when it comes to the value of a hat. The Hetman's Headpiece for instance is incredibly rare, but you'll be hard pressed to find many people shitting themselves over it.
Ellis' cap never had any cache value like Bill's Hat and the Buds do, it can still be received for buying L4D2 (I think?), although it can be worn by any class it only looks good on one or two of them, and finally it's just one of myriad baseball caps in the game. These all combine to make Ellis' Cap a low value hat, even now it can be crafted.
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