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Any applicant not wanting to spend time on a position with inadequate pay can simply put their minimum requirement in their cover letter, resume and application. Problem solved. They won’t be interviewed. Thus, no time wasted.
The reverse is a problem for employers too. They reveal the pay range in their employment ads. Then in the hiring process the applicant reveals their minimum is over the max of the position thinking if they made it this far, they could push the pay envelope.
The seller generally posts their price. How else can a buyer make the purchase? In this case the applicant is the seller, selling their services to the employer. Unless it is an auction, then the seller gets what the market will pay and no more.
If there’s a law enacted, it should require applicants reveal their selling price when responding to employment ads.