Sure, if the entire US had uniform costs of living. However, it's only the Bay Area that has costs (and local competition and investors) that keep those salaries at their current heights.
Every other company not based in Southern California who can't find workers will suffer, whereas before they'd at least have a chance, albeit a slim one.
So with this requirement in place, sure, it'll be hard for Disney to sell out American jobs... but it'll also make sure that only Bay Area companies will be able to justify importing workers.
Well they'll lose the advantage of being located somewhere with a low cost of living but I don't think I'd call it "suffering". Engineers in other areas should be able to produce as much value to the company as those in California and the company should be just as willing to pay for that value as a company in California.
What's still a problem is that Green Card applications are tied to a specific employer, so that clock will be reset any time you switch jobs.
H1Bs today have it so easy... Back in my day, we had to file all paperwork uphill in the snow!
The scheme seems more designed to punish companies from hiring immigrants than actually ensuring only high quality employees make their way to Silicon Valley.
Admittedly, I think increasing the $60,000 figure seems reasonable. It should be set at a figure (and updated regularly enough) such that it's slightly above the average wage in the industry. That way it's really targeting skilled workers, as opposed to cheap workers.
I'd say you're exactly right (perhaps replace "punish" with "disincentivize" for more broad agreement), as concerns about the place of domestic labor in the face of foreign labor was the major campaign issue, rather than a desire on the part of the US electorate to refine/optimize the talent pool of Bay area international workers.
So the process:
1) You have a job locked down with a company for a specific position at a specific salary. You + Company apply for an H1B.
2) All of those H1Bs are sorted by salary and the top N are selected. No random lottery anymore.