With remote work, geographic arbitrage can work both ways.
I’d bet heavily against that being the point of convergence.
I have worked in niches in the past that are now almost completely handled in India. And I had to move on to doing something new, despite the fact that my employer still has tons of tech staff (in fact most of it) in the US too.
It's very unfortunate that the Covid-anxiety many people have about returning to an office is driving them in the direction of always-remote. Fear is the mind-killer, as they say.
Sure there may be people who don't want to go back because of the disease, but many in tech likely don't want to go back simply because they've now realized two of their long-ignored objectives.