Sounds like a great way to attract mediocre talent and guarantee you won't get exceptional talent.
For entry-level American SWE pay, you could get the valedictorian from fairly high quality schools across the developing world and work them like dogs and they wouldn't complain.
I think this makes sense given the following:
1) you think you can handle the distributed/async workforce
2) you are OK with having mediocre US talent (made up for by exceptional foreign talent)
3) you think they can make up for not being exposed to modern SWEngineering culture by just being better in {IQ, Work Ethic, etc.}