As someone who might be interested in this if it passes, I think it's a step in the right direction, and I don't really understand the objections.

I think this is much better than an H1-B. In many ways, you have more control over your fate as an entrepreneur than as an employee - I've seen mentions of entrepreneurial servitude, but working for a company on a H1-B seems like a much more precarious position. In addition, with this proposed visa there are clear targets to hit - you know what you're getting into upfront.

Talking about rich people bringing their friends into the country... as far as I understand it, it sounds like EB-5 is still much better suited for that. Pay $500,000 to start a business somewhere in rural America, and you're done - no strings attached, no work required (the business doesn't even have to be successful, unlike this proposal).