If pay was based on production and true values, CEO’s would be broke.
Minimum wage has nothing to do with people being lazy, not appreciating their job or not working hard, it’s a safety net to allow to people to survive and stay out of poverty. I’ve seen some very hard working people work for minimum wage and I’ve seen bums, however lazy bums are much rarer as at any job that hires you for minimum wage, typically hires you for physical ability and not mental and expects every dollar out of you and work every minute.
I’m not sure what the poverty line is now, but at ~$14/15K (what it is now) - minus taxes a year working full time on minimum wage, you’re pretty damn close to it.