JSFiddle - React, Tailwind, and code Playground

HTML

<ul>
    <li id="wildcard_1"><div><a href="#">test</a></div></li>
</ul>
<a href="#" class="reset">reset</a>

JavaScript

// Main function
$("[id^=wildcard_]").children('div').children('a').click(function() {
    $(this).replaceWith($(this).text());
});

// Temporary reset function
$("a.reset").click(function() {
    $("[id^=wildcard_]").children('div').wrapInner('<a href="#"></a>');
});