IME that's already happened and in some cases come back to on shore. Programming is fundamentally communication: translating business and consumer needs into technical solutions. If a remote team shares the language and enough culture to do that work well then the money will follow.
I'd guess that culture, needs, and language are diverse enough that it won't be a race to the bottom any time soon.
I'd guess that culture, needs, and language are diverse enough that it won't be a race to the bottom any time soon.