Your not wrong but I think its two fold. Off shoring and near shoring.

2000-2008 I think was more of outsourcing. Companies dipped their toes in the water and tried to get low cost labor through third party companies. I think generally this does not work.

Now we have companies that off shore with full company offices in those regions like India. This can work.

On top of that you near shoring companies in Mexico and further south that can provide you lower wage engineers but that work in your timezone.