A couple of syntax problems:
The mandatory argument of the beamercolorbox
environment has to be a beamer colour. Unless you have a custom defined colour names title goes here
, I suspect you'd rather want something like \begin{beamercolorbox}[...]{title}
The \beamerfont
macro needs as argument a beamer font, not your box, so it should be \usebeamerfont{title}
The argument of your box should be the text to be placed in the box, in your case this text is stored in \inserttitle
, so you want to use \mybox{\inserttitle}
The fitting library of tcoolorbox needs to be given a height of the box. If you don't specify a height, it will assume a square box - given the aspect ratio of beamer frames you'd never see a shrinkage in this case.
\documentclass{beamer}
\usepackage[most]{tcolorbox}
\newtcboxfit{\mybox}{colback=red, colframe=red,width=\linewidth, height=1cm}
% Title page
\setbeamertemplate{title page}{
\vskip2.5cm%
\begin{beamercolorbox}[wd=\linewidth,leftskip=0cm,sep=8pt]{title}
\usebeamerfont{title}\mybox{\inserttitle}\par%
\end{beamercolorbox}%
\vskip0.75cm%
\begin{beamercolorbox}[wd=\linewidth,leftskip=3cm]{author}
\usebeamerfont{author}\insertauthor%
\end{beamercolorbox}
\vskip0.2cm%
\begin{beamercolorbox}[wd=\linewidth,leftskip=3cm]{date}
\usebeamerfont{author}\insertdate%
\end{beamercolorbox}
\vfill
}
\title{text very long text very long text text very long text very long text text very long text very long text}
\author{names}
\begin{document}
\begin{frame}
\titlepage
\end{frame}
\end{document}

(to prevent your theme from exploding, you might want to check if the fields you insert are actually filled or if they are empty...)
If you use a font which scales easily, e.g. which does not have different optical sizes, it might be easier to use the adjustbox
package:
\documentclass{beamer}
\setbeamerfont{title}{family=\fontfamily{LibertinusSans-LF}\selectfont}% just the first font I could think of which is missing optical sizes, not a recommendation to use this font
\usepackage{adjustbox}
\setbeamercolor{title}{bg=red}
% Title page
\setbeamertemplate{title page}{
\vskip2.5cm%
\begin{beamercolorbox}[wd=\textwidth,leftskip=0cm,sep=8pt]{title}
\usebeamerfont{title}\adjustbox{max width=\linewidth-16pt}{\inserttitle}\par%
\end{beamercolorbox}%
\vskip0.75cm%
\begin{beamercolorbox}[wd=\linewidth,leftskip=3cm]{author}
\usebeamerfont{author}\insertauthor%
\end{beamercolorbox}
\vskip0.2cm%
\begin{beamercolorbox}[wd=\linewidth,leftskip=3cm]{date}
\usebeamerfont{author}\insertdate%
\end{beamercolorbox}
\vfill
}
\title{text very long text very long text text very long text very long text text very long text very long text}
\author{names}
\begin{document}
\begin{frame}
\titlepage
\end{frame}
\end{document}
