I've worked with absolutely fantastic developers in Argentina, Poland, Romania and Ukraine. You're right, talented workers get talented pay, but talented pay in Romania is a lot less than talented pay in San Francisco. Teams are used to working entirely remotely now, videoconferencing software is great, and teams mostly align to US timezones (not entirely, but for example Eastern European workers shifted their day a few hours later so we get at least 4-5 hours overlap every day).
I think companies are a lot smarter about outsourcing now than they were 15-20 years ago and focus more on developer quality, but I've absolutely seen that a company will be much happier to hire 2 excellent senior devs from Poland for what you could get for 1 junior college hire in a high cost of living area in the US.