Well sure, but the power that sustains that mechanism is very unevenly distributed, and skewed towards the people it benefits. Most people have little choice but to go along with it in their day to day lives.
> If anything, most likely than not you are paid too little as people rarely maximize their negotiating leverage.
You mean, most likely I could be paid more. This is probably true. But it is not at all the same as deserving that pay.
If you take supply and demand as your moral system, then you can justify all sorts of immoralities, after all I have no doubt that there would be plenty of demand for assassins. As a society we choose to disincentivise assassination because we believe that we know better than the market. We can, do and should do the same for economic activity. And just because the status quo incentivises things in a certain way doesn't make it right.
I don't think this jas anything to do with cultural norms (trust me, I don't conform to many of them). It has to do with fairness, and our broken economic system rewarding the wrong things.