Wait till Asia's borders open. The fanout will go transpacific. Especially in Southeast Asia.
You really think people are going to work from midnight to 8am? And sometimes later in the morning depending on the situation? And this is going to be a massive trend?
For PST, central Europe is perfect. 6pm-2am workday is pretty doable.
6pm-2am is doable if you're a) a very late night person, and b) without kids. I don't think this generalizes to a large percentage of people, and it can easily go well past 2am. It's less unreasonable to think people may still be working or responding to something at 8/9 or even 10pm PST, but if that's now 4/5/6am for someone in Europe, that's pretty rough. You'll also not be able to line up your meals very easily.
People with kids aren't going to relocate their family internationally unless they already had family roots there.
Anecdotally, the people I personally know that love SE Asia and would seriously consider or already did WFH from there were all in the 20-30s age group and had no problem maintaining US working times. The biggest draw of SE Asia other than the super low COL is that its beautiful outside. The outdoors is best enjoyed during daylight, so the timezone offset is a plus for them.
People have different biological clocks, and being able to detach from geography and perfectly tailor your clock to the company's clock, frankly, sounds like good efficiency to me.