Outsourcing is a tool. It is pretty bad to outsource the crown jewels, if it is a tech company that needs to innovate to stay competitive. Not so bad if it is about managing off the shelf components that are set up by consultants.
Even more worrisome is code review companies seem to be mostly complete crap. Finding glaring RCE's in code in code that's passed multiple reviews is jarring for me. Mostly because I'm more on the operational/support side of things and write more scripting than code.
For example, if I work at an accounting firm and we build our own account software (or modules, or whatever), is this development work not mission-critical? If the solution is good, our processes will become dependent on the tools, and the tools will need to be maintained and even improved.
So then, what can be outsourced? Team-building exercises? Not sure, but in any case, this "mission-critical" mindset should err on the side of always doing software development in-house. Which seems to me like a wise decision long-term, though it may seem too rigid a view in the short term.