Up until recently (last decade or so), inflation was the 'blockchain transaction fee' for the USD. If you kept your USD 'staked' in bonds or even just a savings or money market account, you would make back most or all of inflation through interest. Only liquid USD held in checking accounts or cash would pay the cost of inflation, essentially a fee for the utility of a transactional currency. Once ZIRP started, this got all messed up where even 'staked' USD is getting taxed by inflation.

HBD works similarly. If you want or need liquid HBD, you pay the cost of inflation, but staked, you don't.

Anyway, I think the status quo is fine for HBD, but in the case of USD hyperinflation which destroys the value of transactional currency, we should switch to another peg. Still it should probably be one that is mildly inflationary in terms of real purchasing power for unstaked HBD.