Yes I understand the point. But my point is that even SBD that is removed from supply is also reducing an overhang to the STEEM market, so there is a clear offsetting benefit. For every 1 STEEM added to circulating supply, there is 1 STEEM removed from the potential supply of SBD that could be converted. SBD isn't really "locked" (except the small portion within the DAO), it is available to be converted at any time.

The 'debt' analogy isn't perfect but it works to some extent. When you pay off debt, your financial situation improves because you have less debt, even if you have to use up some of your cash/assets to do it. Unless you started out insolvent, the more debt you pay off the lower your debt ratio becomes. It is the literal inverse of taking out more debt to buy assets.