It would be nice if it were that simple.
How can a corporation paying $80k to workers compete with another corporation paying $15,000 per year for similarly skilled labor?
The H1B is abusive and addressing it will slow down the trend.
But indian and chinese (and other) labor won't equalized until after 2045 and they will have a competitive advantage until wages equalize.
I wish addressing H1B's would fix the problem. But fundamentally, as long a 6 year masters degree can live "well" on $30,000 in china or india (and costs under $16k) while an 6 year masters degree (that cost $80 to $160k) requires $70k to live "fair" and $120k to live "well" things will stagnate or get worse for the higher paid person.
Chinese and Indian labor have challenges but they are "good enough" in most cases.
So if the door is shut- the likely result will be
a) wholey owned subsidiaries in other countries.
b) outright elimination of IT function here and purchasing it cloudwise from there.
It's not just IT- it's also radiologists, actuarials, and any other kind of easily offshorable expensive highly educated positions.
For India- at current rates we won't be at parity until 2065.
We really need to stop pumping inflation in the 1st world countries and deflate for a while to equalize labor costs.