This is a pretty insane proposal. Permanent immigration visas are only about 5% of the total visas given out each year. The majority (around 10,450,000) are non-immigrant temporary visas. We give those out for dozens of different reasons, but the vast majority go to tourists. Restricting visas to just college educated people wouldn't make any sense. You would be crippling the industries that depend on these people.

Merit based systems are a normal established part of various immigration systems. Canada has one and they’re hailed as being far more liberal than the US.

The vast majority don’t go to tourists. Even if they are, it’s the main way illegal immigrants come here.