There are two types of H1B recipients, the type that you describe (in somewhat discriminatory terms) and the type that the program was built for.
The actual geniuses that move to America and stay here to build crazy stuff are also H1B visa holders.
We do NOT want to turn those people away. If you don’t like immigrants “taking your jobs” you are definitely not going to like the alternative reality of a brain drain. You aren’t going to like the alternative reality where there aren’t any immigrants starting businesses to hire you. Without immigration there’s no Google or Apple (these weren’t specifically H1B immigrants but still, Sergey Brin and Steve Jobs’ dad were first generation immigrants)
Again I must point out that every H1B employee that is here is physically in America buying things from American businesses. Immigrants starting businesses at a higher rate than native born citizens.
But I think it’s obvious that the program needs reform. Big companies have been gaming the system and using tricks to abuse it, and they use the visa’s restrictions to trap employees and give them below-market working conditions under the threat of visa revocation.
My proposal would be:
1. Make the visa cost more to acquire depending on the amount of employees in the program at a single company. If your company has 10,000 H1B employees your cost to add another one should be a lot higher than a small company with one H1B worker.
2. Make the visa guarantee permanent resident status to the recipient for a time period once they’ve worked for their company for ~90 days. They should have full job mobility just like a citizen so their employer doesn’t use the program as an excuse to pay below-market wages.
3. Provide a real path to citizenship that doesn’t take decades. I think that people in the country who can treat it like a long-term “forever home” will be more beneficial than ones who have plans to go back home eventually.