As someone who is more interested in economics than software, I believe you are 100% right. Once companies figure out how to have employees work remotely, there won’t be as many high priced SV developer jobs. Companies just might decide to higher all (insert Eastern European block country here) developers because they are “local” to each other and are willing to work for a fraction of the cost. It’s not about what you are worth. It’s what companies can replace you for, and if you are remote that replacement value goes down.