My opinion is that getting lower salary for some equity has to be accounted against the fact that equity can go to $0 - yes you might be on ride for unicorn - but most likely not.
Worker cooperative structure sounds like a different thing that I usually read about which is people accepting lower compensation for some equity, which is usually bait and switch to get young talents work for less but for "some future unknown riches".
Getting equity has to be done with enough due diligence and by people who understand the downsides. People who can do due diligence and understand the downsides will most likely rather get their money in the bank unless it is really good deal to get equity.
