It won't because of India's growing influence on congress.Hopefully this becomes a bipartisan bill and gains traction
Limiting, even completely halting, H1Bs if anything helps India because it keeps their smartest workers inside India. They might put up a token "angry press statement" but that will be about it.
Doing anything to impair the ability of US companies to keep outsourcing to cheap India labor (which is a growing percentage of their workforce, and the basis of a burgeoning "Indian middle class") would be dropping a financial nuke on the country. If we want to drive them into a locked tight relationship with Russia and China this is how you do that.
But the reality is, if we don't want to see our own middle class hollowed out via outsourcing, we're going to have to do it, or something equivalent, and probably before Trump's term is over. Kinda has to be, since Vance is married to an Indian, and do you think she's going to let him pull that trigger?