This is unlikely to be allowed, the last I checked, the law explicitly only allows "traditionally tipped jobs". How it gets interpreted and implemented in IRS Tax Code isn't clear yet, but they will probably have rules in place to prevent this.

Doesn't change the fact that it is a terrible idea.

At least the current version of the code has a ton of limits on what can be labeled tips, and the benefit phases out completely around $150k, and is only applicable to professional that traditionally receive a significant portion of income from tips - so it's not like you're going to have billionaires and PE fund managers paying themselves from their companies tens of millions in bonuses labeled as "Tips" and not paying any tax.

~90% of tipped workers REPORT less than $61k in income already. At that income, you're barely paying much income tax anyway.

This is just a trick to make people think they wouldn't have to pay social security and Medicare - which is the main tax they're paying - when in reality, ~90% of tipped workers will get next to nothing.