If we are going to let this persist we should really just get rid of the minimum wage all together. Having a minimum wage for some jobs but not for others is just silly at this point.
But there are plenty of other circumstances where employment isn't a race to the bottom. Most gig workers are in a position where they could easily do something else if the compensation was inadequate, including getting a minimum wage non-gig job, and most people in the society are not relying on gig jobs as their sole source of income. Further there is no social welfare where society at large supports people who can't get gig jobs. Under such circumstances, what is the argument for the person who would be rendered unemployed by a minimum wage to want a minimum wage?
Actually there is a way to satisfy the 'everything is a market' camp at the same time as treating people as, well, people, and not just some resource that should disapear if it's not in demand.
Universal Equity. Not just Universal Basic Income, dispensed at the whim of government, but actual equity - everyone owns a share in the economy, whether or not they are employed by it.
People already have that option, as long as they're ok also losing money when the economy is down.
In which of these places does the economy only go up?
While some years are slower than others and there's the occasional recession where groth does go negative, long term economic growth is very reliable. In the US, GDP has increased 52 out of the past 60 years, with GDP per capita increasing 2200% in that time period. If you invested in the S&P500 in 1960, you'd have made an inflation adjusted return of over 4000%. Wealth is constantly being created, infrastructure is built faster than it's destroyed, there are scientific and technological innovations, and people become more educated and better skilled, and quality of life generally improves.
It's really difficult for an economy to legitimately go down. That takes like North Korea levels of mismanagement. If your country collapses, the sovereign wealth fund is likely the least of your worries.
Universal equity shares would be more broadly based, and also would not be transferable, else you'd just get the same old concentration of wealth.
Economies sometimes shrink, eg GDP went down during covid, but in general they grow. But the 'capital value' is not important anyway, the dividend is. Even if an economy is shrinking, it is still producing.
Definitely doesn't apply to visaless drivers borrowing accounts.