PG is discussing a way to bring in known exceptional programmers (a very, very small number) which currently does not exist. I remember seeing a highly respected programmer - I think it was Carmack - wishing for a way he could stamp someone's application for citizenship with a mark of extreme approval.

Given that this point is clear in the essay itself and has been going the rounds outside of it, I find the portrayal of PG's point as if it were about a too-large H1B program or immigrants driving wages down to be a distraction.