Here's the thing, cohost staff are the company owners. Starting a small business for yourself is not the same as getting a job, even if it's within the same industry.
If you get a job at an company it's reasonable to expect you get paid proper, because a company has income and a duty of care. If you're starting a company, it's not, because you have to find the income yourself first.
A startup is a black hole that you pour money into until it has enough momentum to sustain itself and then become profitable. You can't live on it, instead it lives off of you, like a vampire. It's basically impossible to have a startup unless you're already rich or have a do-nothing day job to pay your bills for the next few years.
It doesn't make sense to bring ethics up here. They aren't hired workers. there's no surplus value being extracted. they're business owners. They thought they could skip directly to "draw a salary" and worry about the actual business model later, and that didn't work.
It's not unreasonable or unfair to say they shouldn't have done that.