The implicit assumption is that the people who would genuinely quality for the O visa would want to come to the US. That claim generally held in the past, however it has not been very true in the recent years.

Yes, you will get people who will 'qualify' for those visas, but the bar will and already is getting steadily lower.

Apart from a COVID blip, O1 visa petitions have been steadily growing. They’re up 57% since 2013.

Long-term, I suspect skilled immigration will trend down. But for positive reasons: as India and China develop, more people will make the choice to stay home rather than come to America. Same reason we see little emigration from Korea and Japan anymore. It’s a good change, just like it was a good change when our post-WWII edge was reduced after Europe rebuilt. But the attraction of American capital likely still will bring the superstars here.