I don’t think the only options are the current way or that nobody is allowed to start companies.
Im not from the US so I’m probably not doing a good job at the devils advocate thing but I could imagine that you just tax the people that start the business so they still get some healthy personal wealth by redistributing the truly extreme wealth back to the workers/society.
There’s probably some motivation problem to grow the company further at some point but maybe you could limit the percentage any individual can earn by holding the company or something like that?
There are models of business which don't assume a handful of people - some of whom don't even do the work - get to keep the profits, and the rest are disposable.