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Valve does not "delete" inventory items. The best you can hope for is an advanced hide feature.
Secondly you can also get "free" points from creating guides etc, therefore why would you receive a refund?
As for a delete function, you should consider that if your account gets phished because you gave away all your account details, the phisher having access can delete everything they choose to and use all your Steam Points.
An option to "hide items" from the inventory means they can be restored.
Still, I do think that the best compromise would be some kind of dedicated trash bin where you can put items you don't want to pay any mind, and then have the very subtle option to retrieve them back anytime you change your mind. Much like you can do for hiding games in your library.
It's foolproof from hijacking shenanigans, and it would hopefully put your mind at ease all the same to have regretful items shoved to the corner and not seen again (unless you want to).
You cannot permanently remove a game from your library as it is actually an advanced hide as the licence is still active and you can restore the game.
As for "and if your account is compromised, again I don't think this is the issue" i can guarantee you will see it as an issue if ALL your inventory items were deleted by a phisher.
More importantly users will forget they chose to delete those items and will accuse Valve of removing items from their inventory because memory is a fickle thing, and Steam Support would not restore deleted items whether by you or a phisher because deletion was confirmed.
As already stated an "Hide Option" removes them from the inventory, from view, BUT they can be restored if you choose to but your delete button would not have that function.
They can already do that by selling all your items. Different method, same result.
Because the end user gave away ALL their account details to allow them access.
Yeah, yeah... I wasn't saying the end user didn't, was I?
I guess you're missing the point.
Bringing out valid flaws with a suggestion isn't just "starting conflicts".