"If you raised wage requirements, you'd basically be not allowing people like me to continue to stay and work in the US (after graduation from college), and would instead only allow people from outside who have lots of experience (and skill) and can command a much higher salary upfront."

I hate to break it to you, but those are the exact kind of people that H-1B visas are SUPPOSED to be used for. Not fresh out of college people. Your employer abused the visa program.