Inflation is a core concept of steem so just ignore that and try not to draw parallels between the two.

Burning token's reduces the overall supply which in turn increases the worth of each steem.

If a company is valued at $1million and has 1 million shares then each share is worth $1. Now if a company burned half of those shares it does not mean that company's intrinsic value was cut in half. It is still worth $1million but now your shares are worth $2 instead.