There is a difference between an elastic currency supply and a fixed currency supply. The bitcoin supply isn't inflating, it's already created, just not distributed and circulating. I wouldn't call that inflation. Fiat currency is supposed to be elastic according to Keynes, but we never see the contraction, and that's the problem.
Discussion
There are contractions in fiat monetary supply, but they are always so painful that they have to print to stave off total economic collapse.
If the block subsidy isn't inflationary, then the market wouldn't react when it gets cut in half... i.e., the halvings are not priced in.
It's not inflationary because it is fixed by programming, not market forces. Pricing in future events is an idea of Keynesian economics (manipulation by people) and people still have to get used to the idea of bitcoin. You're talking about "pricing in" which is fiat currency terminology, we all have to get away from that.
Besides, most of the bitcoin is out, and the subsidy affects miners. Personally I think satoshi could have made halving a bit shorter time, but oh well.
It seems like everyone has a different definition of inflation these days. I'm just saying that the supply is literally expanding (inflating). The reason for the expansion is not part of the definition.
It also has 100% buy in and everyone even agrees with how to spend it and who gets the new supply. Very different from fiat.
But my point was that Bitcoin supply inflation is NOT theft, because we all agree.