1) Do a PhD and hope to produce original, well cited research that qualifies you for EB1.
2)Similar to above, but if you are in a research team and can get good papers out that qualify you for EB1.
3)Wait and hope for promotions that qualify you for EB1.
4)Move back to India after a couple of years.
5)Try to move to Europe or Canada. Everyone is kinda fuzzy on this since no one really has clear idea of immigration laws in other countries.
6)Get enough money from some IPO to pay for investment based green card and hope for the best.
This is if you currently qualify for EB2 i.e 5 or more years experience or a Masters from US. I don't even know what is the condition for people in EB3. As one of my friend put it memorably, there is a person whose parent's haven't even met, that will get a green card faster than me, if born anywhere but India, China, Mexico and Philippines.
I know, barring a recession, I'll be in US for the next couple of years, but after getting a family, I think my tolerance for having my residence in the country coupled with my job would drop and I'll look and see if one of the above option works for me. Plus ageism in tech is something I fear as well.
I would love to settle here, but barring a law change, it is right now impossible for me.
EDIT: Separate line numbers for the numbers points.
It's unclear whether you mean that FAANGs do or don't abuse the system. I've heard both sides of that.
There is some fixed number of employment based green cards that are awarded per category(EB1,2,3) with rollover between categories. The reason why there is a delay is that there is a country-wide cap on a percentage of total green cards awarded that year. So countries with higher number of people immigrating have a queue. If there were thousands of Australians immigrating, there can be a queue there too.
I am not sure about Canada though, as there maybe some other category for it.
The wait times referenced are the wait times for an immigrant visa, whether you are applying for it as an already-resident H-1B holder (as permitted by it's dual-intent nature) or as someone who is not yet resident in the US.
The wait times have nothing to do with the H-1B not being an immigrant visa.
Also, even if you get the H1B and apply for Permanent Residency, the wait time can be obscenely long depending on where you were born. If you were born in China, you'll have to wait for 6+ years. If you were born in India, you'll have to wait for 12+ years.
Ironically enough, if you're a not-very-qualified applicant, you'll likely have a easier time applying here in USA. The Canadian system might be more stringent, but rolls out the red carpet for those who are truly qualified, and in greater numbers too. The American system is the exact opposite.