abuss368 wrote:Who would want the complexity compared to a simple bond fund?
I believe you are referring to administrative complexity. There are also other forms of complexity, such as the complexity of the instrument being used, or the complexity (and uncertainty) of outcome. So, in the case of inflation protection, having a simple bond fund may allow you to tick one of these boxes, but that's about it. For inflation protection, some might argue that it is more important to establish a less complicated (i.e. more certain) outcome. There are compromises everywhere.
It also seems that you have also rejected the notion of using Ibonds. They don't lose value, and don't (have to) present phantom income in taxable accounts. I believe these are amongst the concerns that you have for TIPS (funds). Ibonds extend tax advantaged space (you seem limited to taxable investing) as well as more of the boxes to be ticked (easier to understand, known outcome). For many, and particularly those that see the benefits of executing a long-term investment plan involving administration effort, they offer a very simple and straight forward solution that is there for the taking.
Otherwise, happy that you have found a good fit with your three fund, only investing in funds strategy.