Sure, and for those positions the market will decide that a wider pay range for job listings is justified.

Agreed. (and/or we end up with finer graduated positions with similar pay bands).

Personally, I do not see a reason to legislate a specific bottom or top range. Let the pay range be $min wage to $1B.

If you don't require any good faith description of the pay bands, the law is useless. You can post accurate, narrow pay bands now if you want. Or you can post none. Workers have been letting companies get away with posting none.

$min wage to $1B is functionally equivalent to none.