Yeah, same with a lot (but not all) US bike companies. Cannondale was a family owned business, got bought by private equity, and manufacturing moved overseas. I can't say much as to the quality of their bikes, they're probably still fine, as high end bikes are all about geeking out over the tech, and you don't cut corners on that kind of market, but still.

Trek makes 99% of its bicycles overseas.

As do 99% of bicycle manufacturers producing CF frames - the expertise and manufacturing base are primarily in Taiwan, and everyone from Trek to Canyon are sourcing from the same few people. There are some boutique brands still doing lugged carbon builds that may be assembled in the USA with the AL components manufacturer here as well, but they'll be more expensive and worse performing models for the crowd who hasn't moved on from their "steel is real" phase.