I hit a timeout trying to grok this function. Sorry.

Some thoughts based on my partial understanding:
* It should have a docstring
* The `param_dict` bit should be separate
* I _think_ it's trying to return all possible subsequences of `inputs` (but mapped to dicts), and that the inner `permutations` function is supposed to be returning all subsequences of `inputs` of a given size.
  * If that's the case, it's worth mentioning in the docstring
  * Further, it's also worth highlighting O(n!) complexity
* I'd even consider writing a few unit tests for it