Also, time and again we see posts here lamenting the hiring process in this industry and we haven't cracked it yet. This adds to the demand-supply gap.
Anecdote: I have interacted with some of the 'overseas talent' and they were excellent programmers but lacked communication and hadn't fully figured out the mechanics of working in teams. Others from the same background but who decided to get a higher education from US had better exposure and generally fared better.