That’s fine. All those H1Bs will go back to their home countries, work for the same companies at a fraction of the salary and instead of paying taxes and rent and other expenses in the US will pay in their home countries.
And when they are laid off, or drop off to start their own companies, those companies will be based in their home countries instead of in the U.S.
I think this is a great and moral plan to reverse the brain drain the U.S. has been benefiting from at the expense of other countries for decades.