The history of unpaid and low-paid legislatures (of which there is quite a lot) does not really support this idea.
Congress gets paid like 174k a year. Sure, it's a lot of money compared to the US median, but anyone who can get elected to Congress can earn that elsewhere.
For tech, 174k isn't even a big salary; we're talking an industry where a starting SE salary at a FAANG is around there. That's not a huge paycheck for a 24/7 job like federal politics.
You're describing what we already have.
The argument being made is that if you're going to pay people a low wage, they'll just increase it by trading some of the power they yield in exchange for money for themselves, which is the problem we're trying to solve for :)