Well, in fairness, at the onset of the pandemic there was a looming fear of deflation and we weren't very far from that actually happening. All that stimulus money was poured into the economy by the central bank specifically to create inflation, per inflation target mandates. The idea is not unwarranted.
But also not that simple. Where the money ends up is equally important. You could 'print' trillions of dollars, but if you gave it all to Bezos, not much would change. He'd just sit on. Maybe inflate some assets like real estate, but he's not going to drive up the price of bread. Bread relies on purchases from the masses who don't have more money to spend in that scenario.
If you distributed that money out to everyone, however, then they each do have more money for bread. Then you can start to see inflation come of it as people start to compete with their extra cash in hand.
Most likely it is being spent. Slowly. Like you said, some of it has been spent already. It is unlikely that stopped. It just hasn't been blown all at once.
> What I'm saying is that most of it hasn't been spent
Me too, more or less. If it were already spent then bank accounts would be tight and people wouldn't be able to spend more. However, if they're only dipping in a dollar or two at a time, they can both spend more and leave their bank accounts almost untouched. At least for a while. Give it enough years and it may eventually erode to nothing, but in the short term you don't have to spend much of it to pay more at the store. Inflation is a little higher than usual, but not that high in the grand scheme of things.