I completely agree. My ideal H1-B reform would be as follows:
1) The visa holder has no obligation to the company whatsoever as soon as the visa is approved. If the only thing keeping an employee at the company is the threat of deportation then maybe the company shouldn't be employing people at all.
2) The company can not extract any fees whatsoever from the employee, not even for training or relocation. The employee is not obligated to pay anything to the employer under any circumstances, even if he immediately leaves the job.
3) The Visa program is a reverse auction on salary, down to, say, 150% of the median wage for the NAICS code. The auction ends when the cap or the salary limit is reached.
4) The company must hold the first year of salary in escrow and forfeit any unpaid salary to the government if the employee leaves early. This is to prevent hiring an employee and then firing and rehiring immediately after the visa is approved at a lower salary.
Of course you're right that no real reform will happen, because as far as the Zuckerberg/fwd.us crowd is concerned, the only problem with the current system is that the cap is too low.