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I have a very strong suspicion that a large number of people would simply work "less" like "quiet quitting" (I hate that term.)
The majority of people I've worked with don't like asking for raises. It's not that they don't think they deserve more, they just have this aversion to going and initiating the conversation. I literally fought for a round of raises for everyone at the factory I work at to be considered because everyone I spoke to said they hadn't gotten one in ~5 years... I suspect they'll get envious of the people making more than them, but they won't have the guts to go ask for what they're worth and they'll stew in their envy just working less as retaliation.
Unionize!
I asked for a raise recently. I was laughed at and told that the company doesn't plan on promoting me to any kind of higher position ever. So now I'm just doing the bare minimum and I'm biding my time until I can find something better.
“Acting your wage”