Is this the new variation of value theory of labour?

Workers are just market participants, competing with other workers. One way they can compete is by lowering their living costs, so that they can get by for less and afford to offer their services for lower rates.

Likewise companies compete and try to make their products more affordable.

This is how we arrived at the situation of extreme surplus in Western countries. Not by some entity (or internet commentators) setting arbitrary price points for things.