Reduced supply always leads to more price increases, that's the main idea of Burning tokens. Also, most projects have a different form of token burning, wherein the purchase of their product leads to token burning, in the long run reducing the supply, in the case of others, the team will set a time to buy back and burn their tokens. However, my humble opinion is, the team should put more effort into adding value to their product so, token burning will lead to more price hikes.
If you and me are thinking about the aspect of adding value to the coin then I am sure the team was also taking about this aspect. The point is right now deflationary coins are getting volume just on the concept of reduced supply thats why we are not seeing any use case associated with these tokens. With time when people wont invest just on these reduced supply concept we will see some use case.