Nobody does. The assumption is that it would slide off into the ocean and float until it get closer to the equator.
It's has been doing that for the last few million years. When ice ages give way to interglacials, it slides off a lot faster. Anthropogenic global warming hasn't been going on for the sliding-off rate to rise all that much yet, but it will.
But ice that was previous sitting on solid earth before it slid down into the ocean does raise the sea level when it starts floating.
You need to read up on continental drift.
They fall quite a bit during ice ages, and go up again during interglacials. The Pacific Rim isn't all that geologically stable, and places like Iceland and Hawaiian Islands
If you want to draw conclusions from Pacific Island histories you do have to be specif about their geological histories.
And if the history of ice age to interglacial transitions is anything to go by, they get warmer by sliding off into the ocean and drifting closer to the equator. Ice bergs do it all the time and it doesn't take a lot of global warming to persuade the ice bergs to slide off faster.
James Hansen spelled it out in 2016. It's a minority view, because nobody know much about the processes happening under the surface of ice sheets, and the fossil carbon extraction industry really doesn't want anybody to look hard. They do have a lot of political clout.