Wages are not as liquid as assets. You generally get a raise once every 6 months to a year, and it's time consuming to find a new job to get competing offers to get leverage for market-level wages. In contrast assets change prices every day, and as COVID as shown, adapt very quickly to the printing of money.

At the low end wages are also capped by the minimum wage, which doesn't go up with the important inflation metrics (healthcare, housing, assets, education) but instead with regulation or CPI.