Um, no - if you do this on suborbital trajectory you totally obliterate a bunch of empty space for the <10 minutes until all your garbage falls back.

If you actually manage to make it into an orbit (with a much much bigger and much more expensive rocket) you will most likely do the same (eg. not hitting the intended satellite) with the added bonus of littering random orbits over time and hitting random satellites.

And if you want to say "they will deny orbit for everyone!" - well, good luck without far too many orbital class rockets for anyone of their size to have.

Not to mention Starlink orbits being (as alterady state so low they are self-cleaning), GPS orbits being far too high to even reach, let alone to saturate with garbage & same for GEO sats.