You make some good points. I agree with part of the picture you present. It was an interesting and surprisingly a well written piece - I don't see such a good command on language often.
I am not sure how much you know of the history of America. America has always encouraged and inspired people to "exceed their natural given limitations" and "dream big". Yes, I agree that an MIT/Stanford graduate was given more upstairs than I was (I have no qualms in admitting my limitations). But does that mean that the said graduate deserves more happiness than I do? The answer in the US is "no". The spirit of American constitution - its blatant ignorance of the contemporary prevalent racism and slavery notwithstanding - is understood by the fact that the founding fathers set a goal that EVERYONE has the same right to "happiness" regardless of their abilities.
Happiness is mostly a function of opportunity. This also means that everyone has the right to the same opportunity regardless of ability. Perhaps using a statistical test, you could prove that an MIT/Stanford graduate contributes more given the same opportunity, but there are outliers in a long tail distribution and American system bends over backwards to find the outliers even if it means it must give all the "less talented" people the same means and opportunities as those gifted ones. Outliers are what make the difference, and they are everywhere. They don't go to MIT/Stanford ubiquitously. We don't understand how the human brain functions, what inspires it, and how path breaking discoveries are made. Hence, we should not judge the poor schmuck who could not go to MIT/Stanford.
In America, everyone believes he/she is special. It gets annoying sometimes, but it stems from how people perceive themselves in this country. It is in the marked contrast with your "cream to the top" approach deeply rooted in India and the Indian mentality.
Which approach is better? It's hard to tell. You would have to observe our civilization at least for a millennium - if it lasts that long at all - to pass judgment.
I hope you got the answer of why an MIT/Stanford graduate might encounter the same immigration opportunity as a 3 year degree holder+online MS graduate. I get annoyed by that too, and if I could rig the system to benefit my cause, I probably would

However at some impartial level, I understand why it is what it is, and I trust that Americans are not really stupid.
Of course there is EB1, EB2, EB3...there is capitalism, and companies "generally" hire smarter people and pay them more. Yes, there is an over supply of labor in IT and "standard JAVA programming" may be "low value" (in your terminology) to not warrant an EB2. Disclaimer: I am not a JAVA programmer, and I have a CS Masters from UMD, which in its own right is a good school and I work on algorithms and optimization problems. Having said all of this, and having brooded over my bad luck of being stuck in EB2-I for years while awaiting my GC (the wait is still going on BTW), I have come to accept that the JAVA programmer will have the same means to happiness as I do. This is my 12th year in the US, and we have done a lot of things such as packing bags, temporarily moving back so that my wife could work, and relocating here again once my date was current. I have cursed the porters, been angry over EB1C...and in the end, I realized that it was a waste of my time. There are more serious problems in the world to solve - global warming, water supply, energy supply, finding sustainable ways of living and most importantly, I had a family. While raising our daughter and seeing how fast she was learning stuff was so amazing and awesome that we decided it was a blessing in disguise that my wife did not work!!! Take that US immigration. There is 1 EAD/GC that won't result in addition to your saturated labor market

Moral of the story: Life is nonlinear and those who understand and accept its unpredictability eventually get happy. It might be your turn tomorrow. What if the Congress actually passes this STEM bill or visa recapture and makes everybody "current"? Will that make you happy?
Sorry for sounding like a preacher. Afternoon meals often make me do this
