Pay is determined by dozens of different things, but I'd argue the value of their position is a factor that only applies to positions that actually matter, when it comes to positions that aren't seen as valuable, it is more determined by how little they can pay people can get away with it (i.e. still hire and hold enough people).

I primarily do warehouse and factory work. Pays minimum wage but no where near liveable. Without me or my colleagues that place will not run. I don't expect luxury, but I expect to have a liveable wage for the hours I put in. I am exchanging my time and effort for money.

I work to live, not live to work. Everyone should be paid a liveable wage. It's disgusting people aren't. Everyone is worth their time.

The wages at the top are astronomically ludicrous, and a little bit of distributing could help lift those on minimum wage, to a liveable wage, but this only works if those at the top either take a cut or take it out of their profits WITHOUT increasing the price of their products (otherwise everything will gradually go up in price and the increase in wages is nullified)