Sure, US is more productive, has bigger tech companies, attracts talent, and not least, their hectocorns are truly making the world a better place with their CRUD apps and REST APIs.
But at these levels of imbalance, already a long time ago I would have expected US companies to move a lot of their software engineering efforts to Europe or India or elsewhere, and it just wasn't happening, despite SE being one of the most remote-able jobs ever.
But now, the trickle of expat workers into the US appears to be drying up, apparently Americans are leaving too. There will be more and more pressure for these companies to hire abroad even for non-monetary reasons (as is already happening) and I fear for my fellow American HNians that they will like paying a fraction of the cost for the same job.