We should. The government shouldn't be in the business of regulating agreements between employers and employees. It has no real authority to do so in the first place, and nobody ever seems to consider the unintended consequences of even nominally well-meaning regulations.
For example, as somebody pointed out above, minimum wage laws don't make sure everybody makes a living wage, they just make sure that some people are essentially prohibited from working. I mean, if I wanted to work for, say, $3.75 / hour, compared to the alternative of $0.00/ hour, why should the government prohibit me from making that deal with an employer?
And there are lots of people who want to work for $3.75/hour. In particular people who have no experience need to offset that fact by charging less for their labor. For them, getting the experience is much more important than getting $8.75/hour + benefits.
For example, as somebody pointed out above, minimum wage laws don't make sure everybody makes a living wage, they just make sure that some people are essentially prohibited from working. I mean, if I wanted to work for, say, $3.75 / hour, compared to the alternative of $0.00/ hour, why should the government prohibit me from making that deal with an employer?