That's a great way to get corruption. Relying on independently wealthy people to sacrificially serve their country is not a reliable way of getting good quality

That's a great way to get corruption. Relying on independently wealthy people to sacrificially serve their country is not a reliable way of getting good quality talent. My father spent some time in Bolivia some decades ago, and people in government were paid practically nothing. So there were a lot of bribes expected. And government officials got a fantastic exchange rate on Bolivios -> USD, which after you go through the cycle a few times, ended up with the government transferring the rate subsidy to the official. China also doesn't pay its government officials much, and similarly, there is lots of corruption, which Xi Jinping spent several years cracking down on. At the very least, it will be independently wealthy people (aka "elites") running the country, which brings its own set of problems.