How would that solve the symptoms? And why is that the cause? I think the actual issue is that there aren't enough top-talent individuals in the country already; meaning the real cause is actually our broken education system.
Opening the flood gates might solve the issues of select individuals and some companies, but it doesn't solve wage depression.
Most people in the industry believe that the best way to increase your income is to change jobs. How often would you change jobs if failing to secure a position resulted in your near-immediate ejection from the country? Probably not often, and that's the situation that many H1B workers are in.
The general belief is that H1B workers are underpaid because they have less flexibility in the labor market. While they can move jobs, it's somewhat tedious and requires both companies to work together to make the transition. It's not impossible, but it's certainly not easy.
If there were less friction involved with moving jobs, people on H1B could shop around for a better positions without worrying about their residency should things go wrong.
Opening the flood gates might solve the issues of select individuals and some companies, but it doesn't solve wage depression.