Outsourcing the workforce is very different from hiring from the global market. Many comments here focus on outsourcing because you asked about it. Outsourcing has been around for a long time. Tradeoffs are well known and some companies still choose it. WFH has little effect on it.
What WFH can change is expanding the job market across borders to the extent that time zone differences allow companies to do so.
Is this a bad thing for employees? Hard to know! All I know is that demand is now much higher than supply in a single market. So companies with a WFH culture can benefit.
I think the smartest thing to do is to use this trend as an opportunity. Work for companies that pay better and live where the cost of living is lower and the quality of life is better.