It's the same term that was used for transitioning textile and other factory work to third world sweatshops.
Hiring internationally is just that. You might get someone for a bit cheaper (somewhere in the neighborhood of 20ish percent), but that's usually in exchange for the extra hassle of managing a remote team and dealing with timezone issues. You don't usually crank through these people every quarter, they're hired for the longterm (or, as longterm as anyone in a software job is hired for).