PeterDonis said:
We really should be looking at the underlying math.
In the spirit of trying to practice what I preach, I am going to give a very simple mathematical model that illustrates the issues I have been talking about. This is not the same model that is used in actual inflationary cosmology; it is much more generic, but it should be enough for a start.
A generic expression for the Hamiltonian operator ##\hat{H}## of a quantum system is:
$$
\hat{H} = H\left( \varphi \right) + K
$$
where ##H \left( \varphi \right)## is an operator whose expectation value depends on the state ##\varphi## of the system, and ##K## is a constant that is independent of the state. (Strictly speaking, the ##K## term should be written ##K \hat{I}##, where ##\hat{I}## is the identity operator.) The expectation value ##\left< \hat{H} \right>## of ##\hat{H}## is then given by the sum of the expectation value of ##H \left( \varphi \right)## and the constant ##K## (since the expectation value of ##\hat{I}## is just ##1##).
If ##\varphi## is a vacuum (or more precisely "true vacuum", as we will see below) state, then the expectation value of ##H \left( \varphi \right)## is zero. (This is the usual definition of a "vacuum" state in ordinary quantum mechanics.) So the expectation value of ##\hat{H}## as a whole in this state is just ##K##. ##K## is therefore referred to as the "zero point energy"; it is the expectation value of the energy when the system is in a vacuum state.
Now let's give ##H \left( \varphi \right)## a little more structure. Suppose we have
$$
H \left( \varphi \right) = \left( \partial \varphi \right)^2 + V \left( \varphi \right)
$$
where ##\left( \partial \varphi \right)^2## is the kinetic energy associated with the state and ##V \left( \varphi \right)## is the potential energy. In this formulation, the kinetic energy is still an operator, but the potential energy ##V## is just a number--more precisely, it's a function that takes a state as input and outputs a number (a nonnegative number, to be precise). (We are still being heuristic here; there are plenty of technicalities that we're not getting into, for example in the physical interpretation of "kinetic energy" and "potential energy". But this will serve to illustrate the basic idea.) So the expectation value of ##V## is just the number ##V## itself.
Now we have a different possible definition for what a "vacuum" state is. We can say that a "vacuum" state is a state in which the expectation value of the kinetic energy ##\left( \partial \varphi \right)^2## is zero, regardless of the value of the potential energy ##V##. A vacuum state in which ##V = 0## is then called a "true vacuum" state, and a vacuum state in which ##V > 0## is called a "false vacuum" state. In any vacuum state, the expectation value of ##\hat{H}## is evidently ##V + K##.
This is the kind of model that is used in inflationary cosmology. The inflaton field starts out in a vacuum state (i.e., a state in which the kinetic energy has zero expectation value) for which ##V## has some large positive value, so it is a "false vacuum" state. It ends up in a vacuum state in which ##V = 0##, i.e., a "true vacuum" state. The difference in ##V## between the two states is the energy that gets transferred to the SM fields, reheating them to a very high temperature and creating the hot, dense, rapidly expanding "Big Bang". But ##V## is not "zero point energy"; it's potential energy. The "zero point energy", as above, is ##K##, and doesn't change at all through any of this.
Also, ##V## and ##K## in the above are treated purely classically (with the caveat that we have to use the "new inflation" model for the transition from "false vacuum" to "true vacuum" to be driven by the classical dynamics of the system). No "quantum fluctuations" are involved. "Quantum fluctuations" only come into play when we have to take the expectation value of an operator applied to a state that is not an eigenstate of that operator. But in the model above, ##V## and ##K## are not operators, they're just numbers; the only actual operator is the kinetic energy, and in any vacuum state, the kinetic energy has expectation value zero and we don't need to worry about whether the state is an eigenstate of the operator or not. (The usual assumption is that it is.)