Because when minwage is established, the market naturally simply adjusts the other parts accordingly.

Sure you pay both $x, but the skill diff can be 10x. USD16$250 can get you a bootcamp coder w zero exp (but w profile/status of citizen cardholder) [1], or someone way beyond 10x that skill who simply can't afford to negotiate.

[1]: https://www.businessinsider.com/haseeb-qureshi-how-to-negoit...