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What is wrong with a race to the bottom? Less salary means more profit for businesses and/or cheaper products

I sell my labor in exchange for money, and so it's in my interest for wages to be as high as possible, if not higher.

Sure, it's in your interest for your wages to be as high as possible, but does this maximize overall welfare?

By banning competition, the H-1B person's wage and the employer's profits go down and the product price increases.

How much depends on the relative elasticities.

Isn't this richer people banning much poorer people (immigrants) from competing with them?

> does this maximize overall welfare

I'm not a utilitarian.