Sure, that could be what results in billionaires. But I guess you would have to identify what opportunities you would have to take to become a billionaire that you don't take because it would be too mean.
What's the model here? I hear billionaires "exploit" people, but anyone that's ever had to manage people, especially low wage employees, quickly realizes you can't just treat people like crap. Not for moral reasons, but it doesn't work. People will just quit on you on the spot.
I've never heard any business owner espouse this theory because they're faced with the reality that building a business is hard and just being a dick doesn't work.