Why would anybody buy 0,5% 10 year T-bonds in 2022 when inflation was 8% over TIPS

As the title says, I've been trying to figure out this topic with chatgpt over the past hour and a half and it keeps repeating itself but either I'm dumb or chatgpt doesn't understand what I'm asking.

I've been going over the SVB case, and couldn't wrap my head around as to why would they commit such big funds in 0,5% T-bonds over TIPS, or simply commit at all at such low yields (+had they hedged against the risks the upside would pretty much be offset and the investment would maybe breakeven). I understand that they are risk free and offer liquidity and all that, but why not just go with Tips, at this point with such high inflation (around 8% in 2022) maybe I'm wrong or missing something (probably the other) but isn't it a pretty much a guarantee that over the next 10 years, the average inflation would be over 0,5% and that would make the second more attractive? Somebody please help me understand this.

Edit: I understand that the real yield aka coupon payment on tips is much lower, but still the principal gain is much higher