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So pretty much only companies in Bay Area or a couple similarly high $ hubs, and candidates wanting to go there specifically. That intuitively feels like promoting an unhealthy environment (not because of Bay Area in particular, but because of promoting concentration).

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Yes, that is probably how it will play out. At least at first.

But I think the side-effect of this is that other industries & locales would not get as many workers as they currently do, which would put upward pressure on wages in those areas. Compare this to the current system, where wages for lower paying jobs and areas are kept lower than they would otherwise be by adding worker supply through this visa program.

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