Not really. The H1b and O visas were never used for "genius" talent, they are typically used by the WITCH companies to pay people bottom-rate wages (40k-60k for HCOL city) so companies can underpay market wages.

If you have to pay 100k, you might as well hire an American worker. The "shortages" will mysteriously disappear.

When I got my first LCA 14 years ago, the min salary my employer had to pay was 77k (and I actually got 90k). How on earth do Indian outsourcing companies get 401ks for employees earning only 40-60k?

Exactly. It might not make economic sense to pay the fee for $40k wages. But maybe it does for $500 k/yr Google/meta employee