Inflatable insulation is a simple, functional, idea though it wouldn't be real durable and probably loses some efficiency due to air circulation within the chambers.
You need to make tiny pockets, not just a giant air bubble that allows the air to circulate freely. Like a thermarest ground sheet - it has lots of pores that are filled with air.
Dead air isolates. Allow the air to move and the density differences between warm and cold air will set up a circulation which carries heat away from you.