It’s true that people would be paid more for their labor, it’s false to equate that to underproducing food. You’re attaching mysticism to your claim, as though it’s inevitable that starvation would happen unless you have a Capitalist brutally exploiting workers and still having starvation despite food being literally thrown away. Co-operative farming exists and has existed in stable manners for the vast majority of human existence, and this is even easier as industrialization improves.
There are no “other options” for Socialism beyond Worker Ownership of the Means of Production. That is Socialism. If you mean there are other models than Marxism-Leninism, then of course, I’m not an ML myself. I’m anti-tendency and think each country has unique circumstances that will result in different paths to worker ownership, perhaps Syndicalism, or Market Socialism, or Council Communism, etc.
Whether the corporation is owned by a single Capitalist or several, the fact that the Workers have exactly no say and the Capitalists have all of the say remains the problem.