If you have the kind of ability to short TIPS, you have the kind of ability to trade inflation swaps which are a much purer way to bet on inflation.
(That’s not to say TIPS aren’t a useful product—as an investment vehicle with the risks it mitigates they are excellent, but for betting on inflation they aren’t especially useful for retail)
TIPS aren’t great for betting on inflation:
Embedded option on deflation
Liquidity issues
Difficult to short for a retail investor
If you have the kind of ability to short TIPS, you have the kind of ability to trade inflation swaps which are a much purer way to bet on inflation.
(That’s not to say TIPS aren’t a useful product—as an investment vehicle with the risks it mitigates they are excellent, but for betting on inflation they aren’t especially useful for retail)