You argue, in effect, that a US software developer and an Indian software developer are close substitutes. Close substitutes should have similar prices, or people would choose the cheaper option over the expensive one.
US software developer: $80-130K.
Indian software developer: $10-25K
These are not close substitutes. IT jobs that can be sent offshore have been sent offshore. The jobs remaining in the US are the jobs where a local resource is, for whatever reason, an order of magnitude more productive than an offshore one.
What would happen if H1-B visas were eliminated and salaries rose would not, for the most part, be a move by executives to offshore more jobs. There may be a few situations in which executives would say, "Well when we could get 10 Indian developers for the price of one US developer, it made sense to keep the job here, but now that we can get 10 and a half, let's send the work offshore", but only a few. What would happen would be that some marginal projects wouldn't get done - the rising wages would simply make it too costly. Some people in the US who would have gone into other areas would go into tech instead. And some of the profits being made by companies would go to tech workers instead.