But the government also shouldn’t be taking around $50k from these people saying that the wait for a visa is around a year, when in reality it may never happen.
They're not. While the total cost is ~$50k, you only pay $2800 when you apply (for a single person, extra but smaller fees for dependants etc) The remainder of the ~$50k is paid when the visa is approved. So if you don't get it approved for 12 years, you've only paid $2800. If it's approved you then would have to pay another ~$48k before you come.
edit: odd downvotes for just stating facts. The costs are listed out in the government visa pages. The timelines for the payments are listed on said pages. You do not pay $50k and then wait years and years and years for a visa. You pay $3k and then wait years and years and years to get a visa, and if you do get a visa you then pay the remaining $47k.