The problem is that the purpose of a country isn't to collect taxes. A country isn't a business, nor is it a sports team (referring to Musk).
If you want the best and brightest, pay for the damages created by badly formed policy.
O1 has an incredibly high bar and not something that "this person has a PhD from a top institution and a strong publication record" can guarantee.
Also, I am not against visas intended to fill labor shortages. But it needs to be done in a way that incentivizes hiring local talent over foreign. Currently the H-1B works the other way around. This has to be dealt with. Like raising the minimum salary, making it significantly more expensive to hire an H-1B worker than a local one, and removing the exploitative leverage employers have over visa holders — people shouldn't have to fear negotiating for better terms due to the threat of deportation. That would likely fix it.
https://www.forbes.com/2009/02/24/bobby-jindal-indian-americ...
The reality is that the H1B program is being used not to bring in individuals with 130+ IQ, but essentially anyone with a bachelor's degree, which can be easily obtained from diploma mills. In some third-world countries, you can even buy your degree outright.
For the top 0.1%, there are O1 visas, as well as EB1 and EB2-NIW visas — the latter two don't even require an employer and can be self-sponsored. Plus, they grant you a green card, unlike the H1B, which ties you to an employer.
However, to qualify for these visas, you need to demonstrate that you're genuinely valuable to the U.S. They are designed for top-tier entrepreneurs, engineers, scientists, and artists with a verifiable track record. These visas can also be gamed, but it's much harder than with the H1B program.