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At the moment, the US attracts people who see their country of origin going nowhere and are willing to emigrate to secure a better future for themselves and their kids. Due to an oversupply of such people, the US can -- in principle -- filter for the best and the brightest of them.
What you are offering is instead is an oil rig job -- hard work, hostile environment, with the only motivation being able to spend the shittons of money you made after you come back to civilization.
Now I am sure that you would find takers for that deal, global income disparities being what they are, plenty of people would jump at the chances to pick up dog turds for minimum wages which will allow their extended families to live comfortable lives. I mean, it is not like the Arab oil dynasties have problems finding wage slaves either. Put in the hours, go back home, live a better life.
But the top of the cream will likely look elsewhere. Why would anyone take a professorship in a country which has made it plain that they would kick them out as soon as they retire when they could go to Canada instead? Likewise, there is certainly the trope of immigrants who are working hard so they can fulfill their dream of some day owning a Kwik-E-Mart.
The lower class of US citizens will not much like the outcome of your proposal either. Suddenly they have to compete against people who are completely beholden to their employers for continued residency and may come from cultures in which unions are not a thing, while also willing to work for much lower wages because they do not have to feed a family in the US from them. If you think Facebook's preference for H-1Bs over citizens was bad, wait until Amazon gets to staff all their warehouses with people who have much worse visa conditions than H-1B.
I also have some moral objections to your proposal. Leaving aside the question if indentured servitude a la UAE is really the path the US should follow, I also believe that people should generally be the citizen of the country they have lived in for generations. Your proposal would create a permanent caste of people who are non-citizens. Given the TFR, it seems entirely possible that at some point a significant fraction of the population will be excluded from democratic participation. At some point you in effect have an aristocracy. This feels deeply un-american to me.
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