Yeah, you're right: the problem of executives getting paid too much? Investor problem. The problem of stupid programmers getting paid too much? Investor problem. Can regulation solve it? I doubt it. When we get down to it, it's not like there isn't an abundance of regulation on companies going public and releasing projections anyway.

But as a programmer, it's easy to avoid: Avoid buying into risky IPOs. Whee.

Are you a good programmer contesting that the system as-is reduces your pay or your options for meaningful employment with fair pay? I doubt it. If anything it makes it harder for "good" places, which would like to employ you meaningfully at a fair value, to hire anyone-else, increasing your odds.

Now, if you're a good place who wants to hire good programmers and these stupid places compete with you raising your costs, that's another matter, and it really must stink for you... but it still sounds pretty implausible to regulate this problem away. If investors are going to be stupid about throwing around their money at the wrong companies, I expect government bureaucrats to be exactly as stupid about trying to hammer down the wrong companies, and now you've just made the whole process of being a company more risky and capricious for everyone.