This solves the problem of selling pressure, but takes away a lot from steem. The reward pool and proof-of-brain are used to distribute steem far and wide to anyone. The more people have steem, use steem, the more valuable the currency. This is network effect.
We want communities to have their specific SMT, but we also want steem to be the currency that is everywhere on the internet. It needs to be easy to integrate in any website, and reward its users. Not just witnesses and SP holders.
Eventually, if the steem network manages to grow enough, steem might become accepted in shops, like bitcoin tried (but failed because of scaling).
Removing the reward pool and proof of brain from STEEM also eliminates the potential to be a widely used currency.
The inflation is already going down every year, and it will reach a very acceptable rate in a few years.
RE: Part 3 of Our Plan to Onboard the Masses: Smart Media Tokens