Set a cap on number of entrants, and then "auction" the slots. Adjust the cap on entrants annually. No showing of specific market need required, or educational background of the applicant. Just criminal background and health checks on the applicant.
The bid is the (gross) pay of the role with a minimum commit of 36 months. Winning bids are paid to the employee (i.e. as regular income) over the first 36 months or until their employment with the sponsor ends, whichever comes first. (The fee paid is de minimis, just what's required for processing.)
Employees who voluntarily quit or are terminated are free to take any other job paying at least what the sponsor's job paid, provided they do so within 3 months. The new employer does not need to bid or sponsor them. If the employee can't find a new role, they have to leave. In any case sponsor then pays the remaining bid/salary to the government over the remainder of the 36 month term.
After 5 years keeping your nose clean and remaining employed making more than the starting pay at entry, get a green card and eligibility to apply for naturalization.
At a stroke this would eliminate the abuses of H1-B - lowball salaries, exploitative conditions - and open a legitimate market for global talent. The sponsor has a strong incentive to vet the applicant and not abuse them, as they are on the hook for 3 years of comp whether or not they retain them.