O-1 is not enough. For jobs requiring bachelors degree, there is currently plenty of US-born workers looking for jobs. For jobs requiring masters and PhD there is still a need for H-1B visas, and O-1 is too high a bar.

Fine, so there are some that fall below the O-1 bar. Nonetheless, those are a drop in the ocean compared to the regular $150k jobs being lost to H1Bs.