Yup... once everyone is remote anyway, won't take too long for some manager to decide to offshore work to cheaper countries. Even if that doesn't happen to you, if it happens to enough people elsewhere it'll bring salaries down for everyone.
It hasn't happened because cultural fit is super important to a business if it wants to create a quality product.
Look at the areas where the services have been outsourced to overseas, it's support and maintenance of products and services, generally post-sales support where they don't care about the quality of the service or it's a company with a natural monopoly and they care more about saving money than providing a good service.
Having a hand picked team with unique interlocking skills is what creates a quality product, you can't do that if you are outsourcing entire teams overseas, you have no control on who you are hiring and quality.
Or at the least these problems are super difficult to overcome and probably the cost to overcome them is too much for anything less than a global company to get any savings out of doing.
PS I've totally generalised to make a point, there are 1000s of exceptions I am sure.
Practically speaking if you’re an American dev, your biggest competition isn’t someone from Ukraine or India, but rather a fellow American that’s moved to Iowa.