Also the H1B visa is for hundreds of different job classifications at different prevailing wages - are you saying there should be an auction for each? How will visas be distributed fairly amongst them?
Gamebility by the 'wealthy' would be the least of their worries in this case. Most H1-B abuse are body shops such as infosys. 'Price' auctions would be a good improvement for employees, although it would concentrate the visas into places like SF & NYC even further.
On top of that, a US passport isn't attractive to the already wealthy. The US has high income tax rates relative to many other places and you can never escape it by moving out, unlike all other citizenships in the world. The already wealthy would move to london, monaco, switzerland or maybe dubai if their goal was wealth preservation.
Just because there is a problem that doesn't justify moving to a solution that destroys it. It's better strengthen enforcement so that fines can be used to make it expensive for abusers (like what happened in the article), rather than price out talent that isn't just in finance or high paying fields.
There is no reason why H1B should be distributed fairly, because the US has a green card lottery that is diversified across various jobs and countries anyway.
The lottery evenly distributes amongst the positions based on demand. By switching to wealth, you're creating a system that only the highest-paying job categories will prevail.
But most of the people use a regional center [1] to park the $500k is a big real estate project like Hunter's Point Shipyard in SF or Hudson Yards in New York with no additional yearly cost.
[1] https://www.uscis.gov/working-united-states/permanent-worker...