Earlier quoted context omitted.
In the end, setting aside the distortions caused by minimum wage laws, companies pay for the value they receive from their employees. How you want to apportion that value (hours, widgets, hours [including commuting hours], flexible work arrangements, paid time off, company holidays, etc) doesn't matter much. As an employer, I'm indifferent between paying someone $50/hour for an 8-hour work day, or $40/hr for an 8-hou…
But you would also be incentivized to locate your office in a more commutable location. In some cases, a slightly higher rent would even make sense to offset the costs of paying people to commute.
I think it's more likely that the interview process would just have another step to suss out how much commuting time I'd be paying you for, and then figuring out how to divide up your day rate of $400 (higher in reality, of course) across the buckets. So Laura Long Commute gets $40/hr * 10 hrs/day and Sally Short Commute gets $50/hr * 8 hours/day.