I think a lot of people arguing in favour of MW imagine it means that everyone previously below that threshold will get a raise, which I now understand is somewhat naive.
The graph you posted does not, however show that everyone below the threshold will be fired instead, and that would also be somewhat pessimistic.
Around here,, the idea that an employer has responsibility for employees has not yet fully been suffocated by US-based megacorporations, and it used to actually be pretty strong (and reasonable, if you assume that employees are humans, and employers too!)
In Germany, employers must pay health insurance, pension and a few other things for their employees. Minimum wage was introduced not too long ago, and unemployment is no issue