While you are right, I think the evidence points to deficiencies in depth and breath.
There are plenty or published articles discussing why the mega-interviews became a thing when employers started to realize CS graduates could not develop software.
And then there's the H1B argument. If our educational pipeline is delivering people with solid skill sets, hiring H1B's should be rare because you could not justify it.
Better yet, given the cost of higher education in the US: Why are universities not graduating the absolute best professionals in the world? Every single H1B hire is one more data point in support of the idea that our universities are not doing a good job.
Before someone mentions pay, I looked around and there seem to be multiple studies indicating that H1B's are getting paid on-par with US workers.
Once again, if an H1B hire is justified, it means our universities did not produce candidates with competitive skill sets. Then, why are we paying hundreds of thousands of dollars for these degrees and financially enslaving people for decades?