No it wouldn't. The bonds aren't created because Social Security has a demand for them. The bonds are created because the government needs to borrow money. SS is a captive lender. Invest SS in equities instead and the government will just need to auction more public securities.
And how exactly would an "increased funds" be diverted? It would be against every law and every principal of retirement investing.
You are complaining about a decision that was made 89 years ago. Not even remotely the kind of thing the Dept of Gov Efficiency is said to be targeting.