but how many people will be able to really look at the pay of one individual over another and honestly see the transparency?

This is precisely the question. It happens on Hive - yet the history is all here.... People look at a post without digging into the years of work behind it.

On top of the job itself, there is also the trust built up in a company and the longer an employee is with a firm, the longer they likely will be in the future too (if they are doing the job well). Commitment counts for something also.

This is why full transparency is needed, not just pay transparency. When the questions of "same job" arise - the data has to be there as to why one gets more than the other.