could it be sulfuric acid? it would explain why it burns (to some extent) and why it eats away glass... also, YES, there SHOULD be a base that totally cancels acid out...
I don't like this acid either. At least remove the burning capability.
What about acid in water (like most acids), not eating away on glass. If you heat it, you receive steam and concentrated acid, which will eat glass. Good?
To be honest its a game. It's not real life. We are not trying to simulate total realism. This is meant to be fun, hence the name. Who cares if acid eats glass. It is not a glitch. It is what Simon implemented it to do. Now stop complaining and enjoy TPT.