[alkonaut]

There is no need to regulate this with laws if the parties of the labor market are of comparable strength (which is the definition of a functioning market - that the parties involved have some kind of parity).

In most parts of the US labor market there is no such power parity between employees and employers - and minimum wage laws are just trying to band aid the problem instead of addressing the root cause.

I doubt the US will see scandinavian levels of worker organization any time soon, but a reasonable fix would be to have a social safety network that is so strong that it competes with employment. A non time-limited unemployment insurance that paid a reasonable fraction of the minimum wage (e.g. 50-75%) would likely have a significant effect on the bargaining position of workers.