No, that is entirely unrelated to why it was created.
It was created because The Deep South was unwilling to pay a black man "a white man's wages" and blacks were routinely paid about half what whites made for the exact same job. The policy was initially a failure. Businesses in the South fired blacks en masse rather than pay a black man the same as a white. This did not change until WW2 caused very serious labor shortages.
Minimum wage was an antiracism policy aimed at forcing the Deep South to get more in line with the rest of the nation and stop having Jim Crow bullshit linger on in the form of literally paying blacks half as much as whites. It was intended to put a stop to that practice.
Whatever they do with it now for REASONS, the original federal minimum wage law was passed for the above reason.