With the SALT cap at $10k and the mortgage interest deduction cap limited to $750k property value, the ultra-wealthy are not really benefitting from this as much as you are saying.

Someone with a $750-$1M home is getting roughly the maximum tax break available, and someone with a $5M home is paying for everything above that first $1M themselves* without any extra tax incentives.

*Except in California due to prop 13 many of them are paying a tiny fraction of the property tax they should be paying, but that's a separate issue.