> get paid about $50k per year as researchers
I quite agree with you that the current system is highly exploitative. But the problem runs deeper within the academia than with the visa system.
First, there isn't a market to begin with. Tech companies compete for the best engineers but universities do not need to compete for the best researchers. There are many more freshly minted PhDs every year than available postdoc jobs are in elite research institutions. Universities can pay them the bare minimum and still get to pick the best from a pile of applicants.
On the other hand, most research funding that a university lab or federal research lab relies upon comes from the federal government. As such, in many universities, the pay scale for postdocs is dictated by the funding agency that funds the research project. You probably wouldn't believe that in this tech bubble, there are researchers living on a 48k/y salary that barely pays the rent and necessities, Americans and foreigners alike. So why would anyone be willing to do this? Because there is no other way to land on a faculty job.
Does banning J1 and H1B visas help to address the glut of Ph.D. production and the problem with the way research is funded and evaluated? No. It would only turn those would-be Americans into would-be Canadians or Europeans.
(Edited for clarity)