The comments here are repeatedly suggesting a compromise between fully remote and fully on-site: "Just have employees come into the office X days a week instead of every day."

This is my preferred outcome, but the main benefit of remote work, for me, has been the opportunity to leave the Bay Area. I can't really stand the idea that I'd be forced back into the Bay Area housing/rental market, just so that I can attend a few days of meetings per month. It would be the worst of all worlds.

So I'm hoping that the reported techie exodus from SF leads to a diaspora, with attractive tech job opportunities cropping up in more U.S. cities.