Wealth is measured by how much material objects and services you can buy, not by the actual numbers in your bank account. If you literally added a zero to everyone's bank account overnight, what would happen? There'd be some turmoil, but essentially pretty quickly a zero would be added to every price in every store, and we'd be exactly back to square 1.

When the government suspended student loan payments (and started paying extra time for staying home, and other pandemic benefits), it indirectly put cash in the hands of people who were used to living month-to-month. No doubt some were fiscally responsible and put the money in stocks, which made the stock market have a crazy big rally, but that's a different story. Most just went out and bought things they might not have bought otherwise, or which they had been waiting/saving for. But the supply of things didn't increase--in fact if anything the supply went down because of part shortages. What happens when demand goes up and supply goes down? Prices skyrocket. And this is measured as increased consumer prices (aka inflation).

Now the supply shortage has been mostly worked out, but prices remain high. They are sticky--that's the actual, technical term. A demand shock is required to unstick prices, a core part of getting inflation under control. Suddenly reducing the available monthly budget of those same people who were driving inflation in the first place would do that. So resume student loan payments.

There's no way it'll happen before the next presidential election, however.