It's often called 'offshoring', I think. I know plenty of US companies large and small that hire remote workers. It also doesn't seem like it's a net win in most cases that I've seen, but people generally don't set themselves up to re-evaluate their decisions 3, 6 and 12 months later, nor have the willpower to reverse the decision if it's not working out as expected.
To clarify, I have seen remote workers outside the US, working for US companies, be a net positive/win, it just hasn't been the norm.
By 'net win', I'm meaning the original goals - more work getting done at a lower cost at the same or better quality in the same or reduced amount of time - panning out. Usually the timezone and cultural differences are bigger hurdles to overcome than anticipated. You often need more US-based resources dedicated to managing the remote team than originally planned. To counter some of those, you can hire more experienced overseas talent, but that's a higher cost, eating in to the anticipated cost savings.
Companies generally only allow this when they are forced. There are limits to remote work.