It wasn't possible before because companies couldn't figure out how to effectively manage a workforce remotely. Now that they've been forced to learn, this will be explored with renewed vigor. There are a lot of highly talented foreign workers who will work for a fraction of US salaries.
Companies that are good about integrating foreign workers into their existing teams are already reaping the benefits of this. Fortunately for Western tech workers, the majority of companies are terrible at integrating their offshore workers and have very outdated concepts of "outsourcing" where trusted local workers send robotic tasks to offshore teams being paid ridiculously low salaries. This model will continue to fail and should slow the enthusiasm for offshoring for a lot of companies.
If a tech company is sourcing engineers in an office work environment, they need to pay salaries competitive for the location of said office. (You can find great engineers in Jakarta, but you have to relocate them to SV and pay SV rates)
If everything is remote work, you hire the same worker, and pay them Jakarta rates (you can sub Jakarta for any very-low COL city).