People always say this and I have to ask: have you seen the job market in India lately? It's competitive. Salaries used to be 1/10th that of a US engineer. US-based companies pay a premium, with Google offering L5 engineers over 100K total comp.
Bootcamps are more challenging to evaluate, as they have a history controversy around their graduation rates / job placement rates. Anecdotally, I just don't see a ton of bootcamp graduates on the market relative to CS degree holders. However, stats seem to indicate there were ~25K graduates in 2020. https://www.statista.com/statistics/626932/north-america-cod...
But this can be somewhat misleading, as it includes all trainings - including existing software developers reskilling.
This is an outdated viewpoint. 10 years ago, outsourcing to India involved a lot of tradeoffs that usually ended poorly. But Bangalore has become a first-world city in some ways, with a middle class that was educated in Western universities or viably-equivalent Indian universities.
Before the pandemic, I worked with a guy (in person) who was educated at an Indian university, who was as good a developer as any of the American intermediate developers I've worked with, including fluency in English. The rise of remote work has further enabled this sub-economy to flourish: since I've gone full-remote myself, I've worked with a few Indian developers and learned a lot from them: they're not worse developers than me (I'm a senior full-stack developer with enough experience to predate the existence of "full-stack developers"--much of my experience with Fortune 500 companies). There's even enough of an economy in Bangalore that one of my coworkers left for a pay raise to work at a company based in Bangalore.
There are still downsides, primarily time zones. And if you are looking to save money, it's not going to really work out that way: you can still hire chop-shop Indian devs for 20% of what you'd pay a Western dev, but Indian devs who are equivalent to Western devs will require Western pay (minus at most 20-30% to account for the time zone issue, but you'll pay that out in management costs due to the time zone issue).
I'll also add that, coming from nonprofits, some people viewed hiring from India as a way to provide "aid" to the poor in India, but it doesn't really play out that way: most of the folks who are educated enough to work Western jobs, obtained that education because they are from the upper castes with generational wealth.