The trend is away from remote work though. So much more stuff is hybrid then it was a few years ago. SE Asian wages means a 12 hour time zone difference and that carries a real cost on efficiency (I personally experienced this at two companies). Future poorly thought offshoring attempts will go just as badly as they have in the past. If anything AI makes it worse, since each individual dev is responsible for a bigger slice of the output they need to be in the loop on business / customer needs and significant timezone differences make that harder.
If managed correctly though it means you can have effectively a 24 hour work day. US workers/management goes to sleep as the Asian workers are starting up
What about Central America?
Plenty of offshoring to both Central America and South America has occurred in recent years. It was a somewhat untapped offshoring location, but that no longer seems to be the case.
Real example: my company is US based, top and middle management is in US, some middle management and lower in Europe, managing workers in India and Manila. Same scheme with Costa Rica, but managed directly from US.