One factor for why companies are more comfortable hiring a person living in US is that then both ends of the contract fall under US law. Meanwhile, if the freelancer lives overseas, then the combination of US and that country's laws are applicable, which can create an unparseable mess. This is especially important in area of copyright, because the company wants to be 100% sure that the freelancer passed the rights to code to them (and you can't be 100% sure of that if you don't understand applicable laws of the freelancer's country). You could even potentially lose a VC deal because of it, as unclear status of the code ownership could come up in their due diligence.
(I am not a lawyer, this are just my layman speculations).