If your wages are falling behind then look for opportunities in higher growth sectors.
Put another way, if they aren’t matching inflation, should I reduce the work I do correspondingly?
I think the issue here is that you're trying to frame the issue in terms of some sort of concept of fairness. But in reality that has nothing to do with it.
Now obviously you can't have every employee promoted to a Sr. Architect or Fellow, but that is ok be cause not everyone can (or want to) obtain that necessary skill set. A while back I recall seeing a grid with various levels, what management title that would typically mirror, and the skills that would be required for each level.
YoE only gives potential, but are not necessarily sufficient in any career. I've interviewed engineers who learned the narrow job they were doing in 6 months, and then only did that for a few years. Do they have 6 months of experience or 3 years? I'd argue closer to 6 months unless they were doing more. I imagine surgeons are similar, where I'd rather see X number of successful surgeries performed than YoE.
This issue with YoE is also why I'm bothered when HR uses YoE too heavily to base salaries around.