I'm not saying that it is improbable, I am just saying that it is an unlikely and low-probability event. Yes, it is a fat tail risk that shouldn't be overlooked because it comes with the devastating consequence. However, several conditions and criteria need to be met before we can even realistically begin to talk about the probability of hyperinflation.
Federal Open Market Committee's (FOMC) recent decision to keep the fed fund rate unchanged within the target range of 0-0.25% pretty much signaled FED's intention to hold rate effectively to zero until 2022, for at least two years. why? Based on the CPI of the past decade.
Since great recession ended in mid-2009, has stayed below 2% for all but two years, therefore; Fed is more worried about disinflationary risk than inflationary risk.
Fed's initiative of "average targeting" is determined to hit 2% while keeping the employment low. Since Fed has been missing its goal for a decade, people speculate that Fed may let the run up to 3% or 4% to make up for it being below 2% for so long, thus triggering and opening the doorway to the potential hyperinflation.
While such theoretical risk is not completely unfounded, the fact remains the same that we need to have the first before we can have hyperinflation.
Next, we will look at Fed's tools and to what extent Fed can influence the market.
This isn't improbable, it's more just a matter of time. Maybe improbable in the next decade? The US is doing all it can to lose friends. Printing money with abandon is essentially asking the rest of the world to bail out the worlds richest country.
Also, keep in mind that the enemies of the US are growing stronger, and they know that breaking the USD is synonymous with US hegemony. They have incentive and probably the tools to execute.