I have no regrets and still employ the same people today, but it just wasn't so straightforward as you're making it out to be. I think it's actually easier for a startup to have, let's say, an entirely Indonesian team including the founders, targeting an American market, versus a startup having an American founding team then start hiring in Indonesia. (For big companies I don't know, but I'd imagine it all gets even more complicated.)
I had no luck with it at all myself. I'd get completely useless low-quality crap work out of these guys when I got anything out of them at all.
I think you'd have to hire some local managers and maybe send over some experienced devs from the USA to train up the locals, at which point it'd only be a matter of time until they realize their new worth and jump ship for FAANG or whatever.