This is a toggle command -- i.e. using it on a Gasbag will turn the feature on, but you can run it again (while looking at the same Gasbag) to disable it. It will enable infinite inflation for the Gasbag you are looking at or riding. This is different to the "Dino Inflate" command in that it will not deflate at all until you toggle it off.
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This is the only way that the Dino InfiniteGas console command can be used. If you have not already enabled InfiniteGas for the Gasbag your crosshair is over (target), running this command will enable it, otherwise it will disable it (toggle it off).