I would suggest that while new hires of H1B might not get paid less, the market dynamics of not having as many alternatives would invariably lead to less valuab

I would suggest that while new hires of H1B might not get paid less, the market dynamics of not having as many alternatives would invariably lead to less valuable retention efforts by the employer. i.e. fewer raises, fewer promotions, smaller bonuses, etc. As I understand it, H1Bs aren't too bad (transferability is a thing here), but other forms of visas are brutal in this regard.