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Is there no middle ground, like keep the program but invest in education and tax incentives for hiring from US universities?
I think there are lots of options that could be explored. One is if these are for truly research types of things, maybe keep a smaller amount of the visas, but only for that. And make it easy for them to become full citizens if they wish. Make it easy for them to float between entities (corps, universities) so that they are truly free agents in the marketplace, etc., even if they don't opt for citizenship.
Another would be to find ways to fast-track truly rare talent right to a path to citizenship that is not tied to an entity at all. Or maybe it is, but for maybe three months as a trial run, then they are full citizens free to work for anyone (or not at all, or go to school again), and vote, etc...
But as for stacking the deck for corporations with lots of compliant cheap labor to be used in IT and engineering, keep American workers in line, and drive down wages....nah.
The supposed aims and the rationales given for the H-1B are easily punctured the minute you ask - wait a minute, if these are such precious commodities that cannot be found here, why the fuck would we send them packing in 3 to 6 years? Why wouldn't we do everything possible to entice them to stay and become full citizens? Surely they'll end up starting up businesses of their own, etc...it's truly the American dream. Why are we subbing a 3 - 6 year gig for the American dream, FFS?
I live in a part of the country where I frequently compete for work (or did before I started a business) against candidates from all over the world. These are not roles that can be done by a unique, small set of people - it's like marketing manager type roles. So something needs to be adjusted - even just a little.
The H1B program is broken because it ties employees to their employers; it needs to be replaced with at least a work visa model with more freedom for immigrant workers.