RAISE Act is not merit and would cause problems
People are already enrolling in graduate degrees they don't need or want just to tick a box on an immigration form and get themselves classified EB1 or EB2. These are people who have no interest in becoming researchers and are primarily only interested in an immigration benefit. They wind up in jobs that don't really need the credential they obtained, such as software development engineer.
This is harmful to the education system, to the economy, and really to people's lives. It takes spots in graduate programs away from people who actually wanted to do research, it results in a loss of productivity as people who could be working stay in school they don't need, and it delays people's careers by making them spend years getting degrees they don't otherwise need.
This is already happening under the existing immigration system but it's going to get MUCH worse if the Raise act is passed and the US starts limiting greencards to people with advanced degrees due to "points inflation". Suddenly everyone who wants to immigrate will spend years getting these extra credentials. This will clog up graduate programs without providing any net benefit to research.
Worse, it will result in lower quality immigration by mixing up merit with credentials. A master's doesn't make you a better software engineer, particularly if you got it from a second rate college. We will end up getting more second rate immigrants who were desperate enough to waste years chasing immigration points, and fewer solid, highly meritorious engineers with great skills learned through experience at top companies.
Mediocre people from poor countries will be more willing to spend years collecting points towards a greencard than successful and capable people from rich countries, who will prefer to get a job with their bachelor's degree in CS and not see the need to waste years collecting immigration points.
The Raise Act purports to measure merit with its point system, but it does not. It just creates yet another game that will be abused by low quality immigrants from countries with high rates of fraud.