Satoshi once wrote that every lost bitcoin adds value to the remaining ones. I think the bitcoins locked up in corporate treasuries are essentially gone too. They may still even move from one address to another, but for people like me - who value Bitcoin as a savings instrument that nobody can seize - they are inaccessible. And that also increases the value of all the remaining bitcoins.
I would not consider bitcoins locked in government, institutional or corporate treasuries as lost bitcoins.
There is no way to recover bitcoins lost due to the owner's carelessness, but locked bitcoins can be sold on the market at any time. Like what happened in the last 2 months when a satoshi era whale woke up and sold over 80,000 BTC or a whale sold over 24,000 BTC on Hyperliquid and caused Bitcoin to drop over $4k. How can these bitcoins be considered lost when they can cause panic and cause the bitcoin price to crash at any time?
The value of a property will depend on supply and demand, not just supply. Even if bitcoin becomes scarcer, but if demand does not increase, its price will not increase.