There's no hard rules about what wages should or should not be, as with any other market price. A business will pay however much they need to attract and keep the labor they need. If no one wants to work for them they need to increase the wages they offer, which may in turn result in higher prices for customers which is also an undesirable outcome. If what they provide is of enough value that customers will continue to pay for it then the higher costs can be absorbed, if they don't, they will fail. If they can't attract workers they will likely also fail. Delivering value at prices people are willing to pay while still covering costs is ultimately what keeps a business in business.
I sometimes wonder if minimum wages are a net benefit at all as it creates several distortions. Some laborers aren't worth paying a minimum wage, they wind up earning nothing from not having work instead of what their true worth is and being able to build up skills. I think it could also remove some negotiating power from laborers. Businesses can peg their wages at the minimum and balk at those asking for raises, they pay the legally mandated price for that tier of work after all. Try to find a new job and you would also find other businesses doing the same, not paying an iota more than legally necessary instead of a more fluid labor market with people switching jobs for marginal gains, driving wages up. What may more naturally be a range of prices, both higher and lower, gets compressed to the minimum, unless that minimum is so low as to not have any effect on wages at all because no one would willingly work at that price.