If wages followed asset prices, it likely wouldn't matter. If everyone was making 4-6 times what they were a decade ago, the playing field would be level.
The playing field is buying power, measured in dollars.
The dollars earned from a person(entity) selling a bond to the Fed at a price that only the Fed would buy are new to the money supply. The dollars earned from a person selling hours of labor in to the labor market are subject to other market forces and are harder to come by, as evidenced by the fact that most people don't have 4-6 times the wages or savings that they did back when the Fed's balance sheet was ~800 Billion in US Treasuries, 12-13 years ago.
Inflation isn't steady, it's lumpy, which makes the playing field lumpy.
