So previously being able to utilize offshore talent was basically a skill unto itself. Now you did two interviews with similarly skills candidates and one wants 50% less pay, they just have a british accent.
Other commenters have addressed this, but the term is normally used for teams within +/- the same timezone but at far lower rates for (hopefully) good engineering quality.
So if you are US EST, there are "near shore" companies in the US that will coordinate you with South American teams.
They generally have a PM in the US and developers outside.
In terms of European talent being paid less, yes I agree they are, but there are hidden costs in terms of taxes and compliance that means that companies would rather go to countries which promise an order of magnitude cheaper resources rather than just 50% off.
Another term is “best shoring”, which is code for wherever you can find talent capable of doing the job for the least amount.