There is actually a ton of reshoring going on in the EU. They are just relatively quiet about it. Here’s a database that only goes up to 2018
Been seeing a lot more "Remote only in EU/UK" type roles, and when I ask they're explicitly not catering to other timezone-aligned regions.
In the end, we decided for EU/UK because of law compatibility, ease of enforcement (in case we would have to deal with some serious problems) and ease of gathering together from time to time.