I just took a look and got confirmation from markymark, I was wrong about the trickle.
The reason it is more is that there is much less powered up Steem. Yearly inflation is based on total supply but only distributed to people with HP and there is around 83 million less HP because of the instant conversion. Also, some of the accounts that got HIVE airdrops snatched from them had SBD. Anyway confusion, but at least it is off and doing nothing except really chaning the HP balance for now (we get more bang for our buck :) The price increase also helps, but it didn't increase mmuch relative to Steem the first few days when no one could move much.
We will definitely have to do some EIP during the next hard fork now...I was really hoping for SMTs :|