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That's because changing Social Security benefits required an act of Congress-literally. It took until 1950 for Congress to approve the first adjustment to Social Security benefits, an across-the-board increase of 77%. 3 Future increases were far from annual and also required Congress to pass legislation.
Raising or eliminating the cap on earnings subject to Social Security taxes would generate additional revenues for the system. A less well-understood effect of raising the limit on covered earnings is that it would increase Social Security benefits for workers, since benefits are based on workers' covered earnings over their best thirty-five years. This effect would tend to offset, at least in part, the additional revenues from the earnings limit increase.