It's undoubtedly true that these companies' actions suppress wages at the margin. The first order effect is some level of harm to the impacted employees.

I can understand the argument you put forward about second order effects but I don't agree with it, underpriced labor will lead to overconsumption compared to what is optimal.

I'd also like to note that the soft cap is the outcome of laissez-faire policy, it's regulations and law that is attempting to remove it.