Companies pay the minimum they can afford to hire/keep employees.
Believing that [X] company "should pay what the employee is worth to them" is misunderstanding how companies operate.
Believing that [X] company "should pay what the employee is worth to them" is misunderstanding how companies operate.
The better question is: "Does it actually bring better long-term value to the company?" For those who think it does not, then the strategy seems in conflict with achieving the best results.