Question

What is the race to the bottom scenario?

Answer 1

A race to the bottom is an unbalanced economic condition in which the labor surplus is relative to the work.

When the amount of work is smaller than the available workers, each worker willingly lower their wages until they approach the level of poverty or less.
Eventually the labor buyer makes all the gains, and all the workers starve to death. It's basic economics because each worker is forced to discount the other because the consequences of losing the job bid mean no profits.
Over time the salaries only fall more after each completion of the wage round as each round results in lower wages.

Simple bullet economics proof, the downside of free market capitalism because all the wealth goes to the owners of companies. Effectively, the workers do little, perhaps an life at the point of deprivation, maybe less.

This has been practiced internationally for decades in which third world countries prohibited the countries of the first world for work. Then the same "winners" third world nation get barred by their peers in the 3rd world.
Such new "losers" discourage "winners" even further. The irony is that you and everyone else are likely to fail in the long run by winning the right to work.