Speaking as a tech worker in Silicon Valley, I don't care. Everybody who works in tech here makes enough; indeed, one of the reasons why the cost-of-living is so high is because there's broad-based prosperity among techies that drives up the cost of basic necessities like housing. If tech salaries fell, that would actually put less pressure on the non-tech population here, who are the ones who are really hurting.
It'd be far less disruptive than the current system, which puts that pressure on software engineers working for big companies in say, Minneapolis, where the average software engineer salary isn't much more than the general population.
Maybe your employer values you, but I'm guessing someone can do your job for less, especially if there is a H1B visa value added to it.
The whole problem is that H1B shops are gaming the system, and with a national auction, it gives them more leeway to game it further.
Except the job market isn't limited to immigrants, and not all immigrants are equal in quality. The bottom isn't zero, it's the average wage for U.S. citizens, because otherwise you'll drive down the wages for U.S. citizens.
You will get H1B shops opening in remote, rural locations and then using the immigrants to consult in other, more expensive locations. The goal is to get qualified immigrants to work directly for companies at those company locations.