The only reason exam raises will go up is to attract talent that values it, because it’s a guarantee rather than telling someone they’ll make 150k at ASA if they perform well like most normal business professions.
I don’t think they need to go up otherwise though. Like many careers the actuarial profession has and can move to a system that rewards good work over just exam progression. Companies hire actuaries with zero exams today, if they come in and do better than someone with 4, they should be paid more. Those 4 exams mean nothing, you can’t sign anything with 4 exams, you didn’t learn anything that makes you better at your job, and the company actually paid you to study for them. I think some incentive is ok to help people progress but salaries should be mostly based on performance and value. Which means work product, title/credential need. You can negotiate a higher salary whenever you want if you think you’re worth more.