There is no law of economics that says the value of labor has to be above survival, let alone minimum wage. When cars replaced horses, most horses didn't get new jobs. They literally became worth less than the cost of feeding them, and were slaughtered.

Near future AI will make the majority of humans basically worthless. There isn't much left that people can do, and computers can't. Sure maybe high intelligence jobs like engineers and programmers are safe (for now...), but most people can't become programmers or engineers.