All completely valid, to add to this, paying the correct supply/demand wage would result in ridiculously high salaries, this would then attract more graduates to study engineering, which in turn results in more engineers, which results in lower salaries eventually.

Ultimately it would be a short term (<10 years?) profit for the people in short supply until the graduate engineers caught up to the demand.

I wonder though if this would cause a huge brain drain on other parts of America.