> It's certainly possible I'm overlooking some larger aggregate effect because I'm not taking a far enough step back.

Inflation has a large aggregate effect, the people who first get the newly minted dollars can spend them at the current dollar value before their distribution dilutes the value of the dollar as a whole.

The effect of each newly created dollar may be immeasurably small but over time may result in things like, perhaps, growing wealth inequity and the "destruction" of the middle class.