I'd find it much more acceptable if you gave your children your wealth during your lifetime. At least you have to actually give up something rather than passing on all your economic power after you no longer have use for it
While there are ways to make sure that the wealth transfer happens "just before they die" (rather than them living on after giving it away), the law tends to frown upon them.
And how do you prevent people from giving gifts? Parents giving their children a gift of money?
And trusts are a thing, so gift tax would not help as much as you would think.