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It doesn't work like that. Lower CPC does not mean lower value. It just means Google pushing into new eco-systems where CPCs are different from desktop search (e.g. mobile, YT, new publishers/partners) and it may take some time to reach equilibrium among the various actors depending on the ROI of the medium for the respective actors.

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Precisely that. Change in Google's CPCs is a great example of Simpson's Paradox. CPCs on every property separately are growing, but aggregate is declining due to much faster growth in areas where CPCs started low

Also new growth will come from developing countries which will have lower CPC than the US.

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