Software engineers in these countries are significantly less competent than their American counterparts. This has been documented by academic literature.[1] That still doesn't mean that there aren't great engineers in Pakistan, but what makes you think you have the ability to recruit, interview, hire and retain the top decile of engineer in Pakistan?
Are you able to discriminate between a great Pakistani engineer's resume looks compared to an average one? Do you have a network of contacts in Pakistan to make recommendations? Will you be able to speak Urdu when you check their references? Does your company have any reputation or prestige in Pakistan? Why would a highly in-demand Pakistani engineer be interested in working for a company without any career progression, who's only outsourcing work because it's cheap?
It's not like this is the first time in history that companies have realized they can offshore programmers to low-cost markets. It's literally been a constant theme in IT management circles for fifty years. It's not like they needed WFH to make it happen. It really doesn't cost much to open an office in Bangalore. Cassandras have been predicting the collapse of the American software market for decades, yet engineer compensation just keeps growing. If anything the economics are far less compelling than they were 20 years ago, since the wage differential is much smaller. If offshoring didn't work in 1995, there's no reason to expect it to work in 2021.