I started my career in the dot com boom a quarter century ago, and when it burst there was initially a huge rush of fear that "everything will be outsourced to India and China". That never really panned out, primarily because (a) teleconferencing tech wasn't nearly as good as it is now, and (b) the huge timezone differences were an absolute killer for productivity, especially in a world that discovered things like fast cycle times and continuous deployment were a critical competitive advantage.

Now, though, I think a lot of companies have learned from those problems. I see much more outsourcing to places like Latin America (same or nearly same timezone) or Eastern Europe (obv. not as good timezone overlap but still doable if you have US workers start a bit earlier than usual and European a bit later). Also, since nearly everyone, even in "RTO" offices, spends a huge amount of time on Zoom, etc., it's much easier to have outsourced workers treated as fully equal team members.

I agree, it totally sucks for US entry-level devs. Based on my experience in the US of how we outsourced other previously critical competencies, I don't have a good answer.