Here's a good way to think about it - there is no world where education improves if teachers are not a well-paid profession. It's a race to the bottom, as we're seeing today. So if you want to get better, you have to create incentives for otherwise smart/talented teachers to enter the profession, rather than other professions. The only way to do that is to provide some base level of pay that would be enticing. Once you clear that bar, then you work on things that are unique to the profession, like protecting teachers from abusive parents.

If you don't care about education and you just want to extract the most money from parents for the least amount of effort, you do nothing and let the market take over.