That would have eliminated the speculative "store of value" incentive and created a true currency.
Inflation is not a boogieman. When slow and steady and predictable its a net positive for society. It incentivizes investment and doing productive things with your money instead of holding it in non-productive gold or gold-like digital commodities.
Or just with a fixed block subsidy. A pure linear emission. That would already strongly deter speculation, as it takes a century to get supply inflation rate down to 1%.
I know, there's so much more beauty in Grin, cut through, your absolutely wonderful proof of work scheme, but the simplicity and elegance of the emission scheme was what first piqued my interest and made me realize this is no steel reinforced bridge, this is a stone pyramid.
I personally though do believe that a slow and predictable, to the point of being unchangeable, supply increase is better, but not for the reason you mentioned. I think the system is a commons, having to store and upkeep a record of everyone's wealth, and that simply storing wealth is a use case of money, and so no perpetual inflation is a subsidy of those using the money to save at the cost of those spending. People just storing wealth on a system that requires active maintenance at no cost are free riders. The inflation rate is their share of the cost to keep the system alive. So in these systems I have a preference for a linear, algorithmic perpetual emission of coins. Two of my favorite (from a technical perspective) networks that do just that are Monero and Grin.
Indeed Satoshi design would've been like that, eventually we got Chainlink to 'to know the real world value of things.'and Ampleforth used that in the design to have perfect elastic supply