Have you not looked at the past two decades in tech? Offshoring and hiring firms in other countries has been attempted for a long, long time. The reason why it fails is because offshoring even in a fully remote environment is hard, from cultural differences, work quality, time zone differentials and so forth. You can hire a company in India to do work, but optimizing for cost and hiring a cheap shop instead of one of the more premium ones means you get exactly what you paid for.

Every time companies either bring the jobs back, bring the people back or spend more on hiring good firms in their offshore country of choice.