You are creating SOCKS proxy with tunnel from your local computer to your localhost. But from the localhost to the target server (example.com), the data re not encrypted anymore. Diagram:
[browser] ==encrypted SOCKS channel== [localhost] ==HTTP request== [example.com]
You can encrypt this SOCKS proxy only in point-to-point (from your client to your ssh server) and not further. The HTTP server expect normal HTTP requests and not SOCKS messages.