I've had private equity people tell me prior to the pandemic that if a job can be done from home, then it can be done from India. It basically makes sense to me. I know the common rejoinders about time zones (which ignores that there are plenty of cheaper countries south of the US) and culture/language, but I suppose we'll see if the FAANGs can overcome those issues; many companies have gone before in this regard.
It's one of a few reasons I prefer in person work.