If we invariably prefer having something in the present to having it in the future, the expectation of a constant erosion in monetary value forces us to immediately spend fiat currency in the present. Conversely, the less the supply of a monetary medium gets inflated, the more we can expect it to maintain or even appreciate in value over time. This reduces our uncertainty about the future. The future gets less discounted, and long-term planning and investment becomes more likely.
