Surely that's a good thing though, if we're preaching meritocracy?

Practically speaking it's not so different than how it is currently though (except maybe lower CoL areas in the same country), it's very difficult to have FTE's in foreign countries, I am in a position to feel this very much right now- either you have to do very complex accounting, become a multi-national or they have to be hired as contractors.

There's still many barriers to it being off-shored, and the kinds of companies that would do that aggressively are looking to replace you anyway.