The problem is that the world went wireless, so maximum link speeds grew a lot but minimum link speeds are still relatively low. A single 64kB packet tying up a link for multiple milliseconds—unconditionally delaying everything else in the queue by at least that much—is not what we want.
I would argue: the problem is that the MTU isn't negotiated at all, but especially not based on link availability.
At this point 1500 is the standard, we can’t ever hope to increase it without a way to negotiate the acceptable value across the entire transmission path - that’s what IPv6 gives us.
802.11 already includes a fragmentation and reassembly mechanism at the 802.11 level, distinct from any end-to-end IP fragmentation. Unlike IP fragmentation, fragments are retransmitted if lost. So you could use 802.11 fragmentation for large packets sent at slow link speeds to avoid tying up the link for a long time.
For every thing besides real-time maybe.