My opinion as someone who's never been a megacorp exec: WFH should work, but they long ago set themselves up around some kind of over-collaboration with too many cooks in the kitchen, then with WFH they just introduced a big latency factor to it without fundamentally changing how they work (which would've been too risky).
And this is just one scenario. There are so many things that seem to just grind to a halt when you can't just go talk to someone. You have to instead try to book a meeting which is so much friction that you avoid doing it if at all possible.
Trust me: the problems with outsourcing have almost no overlap with the challenges of remote, on-shore work.
Think: timezones, talent quality, language barriers, cultural differences, just to name a few.
Many of the best you can find from cheaper countries already moved to US or EU, or are willing to move.
Also, while I'm all for remote work, time zones different are a mess to manage.