The market for remote work isn't geographically constrained, so it doesn't make sense to make pay offers as if you were hiring in specific geographically constrained markets rather than the unconstrained remote work market.

As the devils advocate: Why not? The competition for that employee is largely local offers, remote is a small part of the overall market. Plus many other companies hiring for remote do local adjustments too, they just aren't public about it.

This all sounds weird for me to say because I certainly want devs to get paid, but this is the reality of the situation

Can you name any of these non-public local adjusters? Cause all the remote workers I know make the same salary as their local counterparts.

Agreed. Though I can imagine some companies reasonably applying constraints in certain areas: working hours overlap, travel costs, and (especially where they don't do the fraudulent "honest this person whom we treat daily like an employee is not one" contractor lie) compliance costs and obligations.

That may indirectly imply some geographical constraints which could affect the shape labor market and the resulting supply/demand math leading to a salary. But it's definitely not what most companies do in their cost of living adjustments.