That’s actually called “delete old master branch and create new from scratch”
This will create a new master branch pointing to initial commit:
git branch -D master
git checkout -b master <initial commit hash>
This will create a totally new master branch unrelated to whatever you had:
git branch -D master
git checkout --orphan master
git rm -rf *
But actually you can simply save current repository to some other place and create a new repository instead.