It might at some level, but taxing all assets would disincentivize the creation of new assets. For most assets we probably don't want that - we probably want more home construction for instance.
Taxing land only disincentivizes land from being hoarded and being used inefficiently. It's not going to prevent the creation of new land.
Theres also the issue of fairness. Land owners didn't create the land or make it valuable. They just use it to extract rents. Asset creators did make their assets valuable and if they do rent them the value of the rents will be in proportion to the value of the work they put into them.
Taxing land only disincentivizes land from being hoarded and being used inefficiently. It's not going to prevent the creation of new land.
Theres also the issue of fairness. Land owners didn't create the land or make it valuable. They just use it to extract rents. Asset creators did make their assets valuable and if they do rent them the value of the rents will be in proportion to the value of the work they put into them.