The H1B program is designed to obtain the kinds of people you were talking about, but the program is in fact being used to hire an enormous numbers of very ordinary people whose main feature is they work for less money.
What you say I believe to be true. Speaking from my own experience, covering the most recent 20 years or so, the vast majority of the so-called "computer science" people outsourced from overseas are "ordinary" software developers and the most practiced skill is Java and Java-related technologies. There is very little "theoretical" knowledge here.
Even dumber people will now be able to call themselves "Web Developers."
That's a dumb remark. That's like calling people "dumb" because they can call themselves "programmers" because they use a compiler like C or C++ or Clojure or Lisp, etc. instead of coding in an assembly language!!
Failure is more frequently from want of energy than want of capital.