When I first got my job here in the US, it was on an H-1B visa. The position and the wage were called "PGY-1" and it was all the same, whether you were on a visa, green card, naturalized, or naturally born US citizen. In approximately 75 or so PGY-1 of my classmates there were less than 5 US school graduates because every US citizen who could get into a better place to work did so. Eric Weinstein needs to increase his scope of knowledge were and how H-1Bs are used.
H-1B was not designed to weaken bargaining positions, it was designed to facilitate the brain drain from outside. What's its abuse did is a different story, although that part does lead into a discussion what free market means.