Previously, you saw people living in hubs like SF and NYC for the high salary and high prestige jobs. But when those jobs are available from anywhere, all of a sudden the "lifestyle cities" like Boulder, Boise, Chattanooga, etc. start to look a whole lot better. You no longer have to sacrifice the high-prestige career to live in a lower cost-of-living area with access to outdoors activities.
This is going to exacerbate the divide between the haves – who can bounce from city to city, chasing the best lifestyle at all times, enabled by their remote work – and the have-nots, who are tied to one physical location because of their jobs.