Also I believe you're grossly overstating the other "rewards" for elected officials. For starters, re-election is limited in several cases by term limits. Furthermore, I don't think any elected official (save President and the like) receive any more respect, admiration, or congratulations for their jobs and if anything, actually receive much less.
Finally, I don't want people that do not have demonstrable success in other areas of their life (or as you refer to them - "poor people") running my town or my country. A high salary serves as a psychological barrier to keep successful people interested and others disinterested. I want to keep those barriers as high as possible, even if I get some false positives.