I am in my mid 40's and find that I value companies based on how the treat employees, vendors and customers, generally in that order. If a company does the first two correct (employee's & vendors), the third is almost an absolute given. So for example, if a company doesn't update employee wages to maintain a fair market for the employee then the company is taking advantage of the employee. Startups have some leeway if someone accepts equity in place of salary, but they don't get a free pass to abuse people by paying 30%-50% of market while giving someone 1% or less of diluting equity in trade. So to me, if a company is willing to overlook someone who is executing just because they aren't raising their hand asking for more, it means to me the leadership lacks integrity. If they know someone is paid less than their peers yet produces the same or greater value, they lack integrity.
I do think you need to raise your hand and speak up, then based upon the outcome choose your path by either accepting they maybe made a mistake/there was an unintentional oversight or they lack integrity and you should expect if they do this to you they are doing it in other places. Good people do make mistakes, as long as they admit it and address it is all anyone can ask, but if you don't raise the issue you'll never know if they just screwed up or are just taking advantage of you.