Personally, I do not see a reason to legislate a specific bottom or top range. Let the pay range be $min wage to $1B. Eventually, employers who try to do that will be forced to change by lack of quality workers applying to them.

And there is nothing preventing employers from updating their price ranges.

Of course employers do not want to show their current employers that they are increasing their price for new hires, so that is their real concern with publicly listed price ranges.