No, equal pay for equal work, especially in remote jobs isn't going to work. Why is it that for almost the entire history of man, we've had wages decided based on COL, and suddenly when it comes to tech bros who are seeing a pay cut, we are all up in the arms? A Starbucks barista in SF gets paid one and half times that in Oklahoma. They do equal work, just different locations. A lady in the Zara sweatshops in Banglad…
But if the job role is to maintain a server fleet, and you can realistically do the job from anywhere, then you should get paid the same amount whether you happen to be in SF or Oklahoma, since you can complete the job in the same manner.
Equal pay for equal work makes sense - what doesn't make sense is to assume that the pay will normalize into bay-area level pay, versus bay-area level pay being lowered because companies realize they can pay everyone 70% as much and have the employees live in lower cost of living areas.