IBM was playing that game since the 90s - you can keep your job, but you have to relocate to a third world country, at your own expense, and be paid the local rate, in the local currency. It was designed to be a raw deal that nobody would accept - we didn’t lay people off, they resigned rather then take relocation offer.
Of course IBM stopped being relevant and fizzled out years ago, I can’t remember the last time I ran into anyone using their products or services, so I guess all their shady HR maneuvering was a loss in the end.
I suspect the story will be that a few companies will try to reduce the salaries of their remote workers, it will backfire when they jump ship to better offers, and in the end companies will just be happy they don’t have to pay for real estate, office perks, parking, travel, and all the other stuff.
The people who do go into the office will have to bring their own toilet paper - twitter style.