Upvoted your post because I think what you're seeing is the flip side of so many devs in the US (especially junior devs) seeing a bad job market, and also significant downward pressure on salaries.

Of course outsourcing existed before the pandemic, but the pandemic really made everyone get used to working remotely, so now there is hardly any difference working between devs in the same city vs thousands of miles away, as long as there is considerable time zone overlap. I've seen an explosion of outsourcing to LatAm and Eastern Europe (vs the Asian outsourcing of the early-to-mid 00s), and have worked with some fantastic devs in those locations. It makes it hard to justify hiring a fresh college grad in the US if you can get a great senior dev from Argentina for less money.