We already have visas specifically targeted at letting in exceptional talent: the O (temporary) and E (permanent) series. Of course, the tech industry lobbying is not generally speaking around those visas, but rather H1-B. So I don't think it is entirely correct to assert that industry wants more "genius visa" types, they want more journeymen (gender-neutral; the kind of staff that are competent but not exceptional, or else they would be here on an E-series). Why ever would they spend lobbying dollars unless there was an expectation that spending $X on Congress today will save them $Y (Y > X) in wages in the future?
Don't get me wrong, I've greatly valued the talented non-US folks I've had on my teams over the years. But I'd rather we gave them an easy path to citizenship if they want to be here rather than giving more of them the opportunity to be borderline indentured servants. Then they could fully enjoy the benefits of the society they're contributing to, including labor flexibility and the ability to bargain for a fair market wage. I'm sure the free-market enthusiasts running large tech companies or venture capital firms love that idea.