So you think the H1-B is a scheme to suppress wages with oversupply?

The H1-B's aim is to fill a shortage of skilled labor. Annual caps exist explicitly to control supply and prevent wage depreciation.

The thing that wasn't accounted for was captivity of H1-B holders from certain countries who'd applied for their greencard. Given the long wait times, they are effectively enslaved to their employer. With reduced portability comes reduced wage increase