If a billionaire can poorly pay and exploit 10,000 employees, but properly pay 1000, would it be better to get rid of 9,000 jobs to have 1000 people earning enough?
And would 1000 employees be able to keep the company running as well as 10,000?
If the billionaire reduces his pay to that of a regular worker, that doesn’t actually affect his assets much since he owns the entire company, and many billionaires have small paychecks comparatively anyway.
If you remove the human factor and reduce it to an engineering question, it seems like there are trade offs in every direction.