What the FED has done is print a whole lot of money, but that money has largely stayed within the big banks and wall street.
Not as much has moved to the real economy because money velocity is low. Though inflation has picked up in the last few years. https://fred.stlouisfed.org/series/M2V
Money velocity is a post-hoc fudge factor to make the Fisher equation work. It's has little empirical value. Other than that, I'm with you.
"Money" is broad; the Fed may have printed a ton of it, but a ton more was destroyed in 2007.
The intuition is that if you hand me a bunch of cash, and I stash it in my mattress, there is no inflation until I begin to spend it.
In the same fashion, the printing of money has no effect if no one ever sees it. The more people who deal with it, the larger an effect it will have
This ties into the infamous parable of the Greek hotelier, where you can see that it is the movement of money that has the greatest impact on the economy:
It is a slow day in a little Greek village. The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit. On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night. The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher. The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer. The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel. The guy at the Farmers' Co-op takes the €100 note and runs to pay his drinks bill at the taverna. The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit. The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note. The hotel proprietor then places the €100 note back on the counter so the rich traveler will not suspect anything. At that moment the traveler comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.
No one produced anything. No one earned anything. However, the whole village is now out of debt and looking to the future with a lot more optimism.