This question considers a modification of classical E&M where we simply reverse the relative sign in Maxwell's equations and change the "$q$" in the Lorentz force law to an "$m$": $$\partial_\mu F^{\mu \nu} = -J_m^\nu, \qquad (F_i)^\mu = m_i F^\mu_{\ \ \ \nu}(x_i) (U_i)^\nu,$$ where the $i$'s in the modified Lorentz force law index the source particles. $J_m$ is now interpreted as a mass density current rather than a charge density current.
This theory is certainly completely ruled out experimentally, and as several of the answers point out, it's ambiguous regarding how massless particles should be treated, since the relativistic version of Newton's second law doesn't really apply to massless particles.
The OP asks the rather vague question "What about this approach to gravitation does not work?", so the answers go off in many different directions, none of which I think quite capture the OP's real question. Let me try to make their question more precise:
A priori, is this theory a logically possible self-consistent relativistic generalization of Newtonian gravity (putting aside the treatment of massless particles)?
(Closely related) Could it have been immediately rejected out of hand in 1915 (the year that Einstein proposed GR) based on qualitative experimental data, without even needing to do any calculations? (I'm not trying to get into the weeds of exactly what was known in the year 1915 with this question. What I really mean is, before there was any experimental evidence for the gravitational aberration of light, could someone immediately rule this theory out, or would they need to do a quantitative calculation of the magnitude of the corrections to Newtonian gravity?)
If not, did anyone ever consider this theory as a possible relativistic theory of gravity before precision experiments validated GR as a better theory?
(There may be some question of what happens to the ${\bf v} \times {\bf B}$ part of the Lorentz force law. I know that the "nonrelativistic limit of EM" is a subtle subject, but I believe that if you're careful then this term becomes negligible in the limit $v \ll c$; e.g. in CGS units, this term is suppressed by a factor of $c$ relative to the electric term in the Lorentz force law.)