As to its benefits: it absolutely benefits the workers as employers will need to pre-emptively raise salaries to compete for the candidates they want.
"Requires employers to disclose compensation or range of compensation to applicants and employees upon issuing an employment opportunity for internal or public viewing or upon employee request."
New York State is considering that statewide.
[1] https://www.natlawreview.com/article/nyc-requires-employers-...
Can’t a company just say that the range is $1-$1,000,000 for every single job? Or is there something in the law that requires a narrower range?
I would therefore hope that if a company posted a range of $1-$1,000,000 for a job (let alone all jobs) they would get some scrutiny from regulators. But I don't know. I don't live there and I'm not a lawyer.
Of course, this could be rectified by having finer grained titles. However, finer grained titles introduce their own overhead, introducing more politics/bureaucracy into the system (people at Microsoft would be familiar with this scenario).