"I think it’s much more likely that, rather than empowering employees to live rich and fulfilling lives outside of work, a massive shift to remote will drive down wages everywhere to the level of the cheapest locations where talent can be found - so instead of living on an SF salary in Coer d’Alene you’ll be living on a Lagos or Jakarta salary"

I disagree. If companies felt they could readily get the same level of talent outside the US, why wouldn't they do that currently? Just set up their business in a foreign country and recruit internationally? And if they're still hiring domestically, why are you so sure they're going to dramatically reduce salaries? They still have to attract talent. If an employee wants to move from the bay area to Wyoming, and their employer says their pay will be cut 50%, what's to stop them from applying to Twitter or another company allowing full remote with (I'm assuming, I haven't checked) a much more competitive salary?

"while obliterating the distinction between “work life” and “home life”"

I've seen far too many emails sent by people at 11:30 PM and followed up with another email at 6 AM for me to believe this hasn't already happened. Not to mention the self imposed aspect of it (neither of those emails NEEDED to be sent at those times).