I think it's fairly well established that money supply increase has led to asset price inflation (but not consumer price inflation like you said), but that has

I think it's fairly well established that money supply increase has led to asset price inflation (but not consumer price inflation like you said), but that has also meant bond yields have stayed low, letting companies and countries borrow cheaply to fund their various projects. So I don't think 'dead weight' is the correct description. Of course, it may have had other, less pleasant, effects.