Well, it's a free market (for capital, but even then not really, but close enough for rhetorical purposes). Outcompete those offshore workers, there was never any other option.
Hard to outcompete such dramatic cost savings. An engineer India is going to cost a tiny fraction of one in the Bay Area. Not sure that's a winnable competition unless you accept a massive pay cut.
My sense is that today a top notch engineer in India, working for a US-based company, doesn't cost "a tiny fraction" of one in the Bay Area. A faction, yes, but not a tiny fraction.
Exactly. If they're as good as you think they are, they'll also be good at capturing a large fraction of the value they create.
There's an ancient Dilbert about this somewhere...
If it were a tiny fraction there would have to be an equally large opposite force keeping that engineer from immigrating to the US, and as onerous and terrible as the visa process is, I don't think it will prevent the best from migrating for better wages, even temporarily.