I feel strongly about this, mostly because it happened to myself: After being sold, the first company that employed me introduced a "completely fair and transparent" compensation scheme. After I saw the scheme projected to the wall in the big All-Hands, I realized that without any degree I'd have to wait 10 years for stock options while the PhDs would be in almost immediately.
I also am a tech worker with no tech degree (no math, CS, eng, etc).
Pay transparency would be run by administrators inside businesses that would likely implement something as you describe: "So-and-so just graduated cum laude from X with a degree in Y therefore they're at pay band Z."
It will be horrible for people who had to self-educate.