This would add some more years of runway but does not solve the problem. Eventually, the fund would reach insolvency again. The SSA actuaries estimate that removing the cap would add 21 years before insolvency. 21 years may sound like a lot compared to the handful remaining now, but is well before the retirement age of the average person reading this comment.

Also an underdiscussed issue with such a policy is that while it increases social security fund revenue, it decreases the amount of federal revenue collected. The CBO estimates that about 15% of revenues gained by an uncapped SSA tax are offset (lost) by a reduction in federal revenues. Worsening the deficit problem.

https://www.cbo.gov/budget-options/60955

that would be one of the largest tax increases in history, used to fund transfer payments to the disproportionately wealthy

Why would someone contribute more than they are legally required?