People are not exclusively driven by economics, nor are they immune to economics. For a lot of people, moving to a place with lower COL would mean giving up community and family in their high COL areas. Those networks provide a lot of security that doesn't appear on the books.

These are quality of life trade-offs that are different for everyone.

Of course, the younger or more flexible you are, areas like yours might be a good opportunity, but it's not a obvious win for every entry level job aspirant.