It looks that way but if you look closely at the actual inflationary design, it's brilliant.  

For example, they just killed a huge portion of it by suddenly stopping the sale of hashstakers.  

And they can easily kill a huge portion of the prime controller inflation as well any time they choose.

Not many coins can do that by design - without a necessary hard fork.  So it would appear that XPY was actually well thought out by some bright economic/finance minds before launch.