Many of my European colleagues have expressed a desire to move back to Europe soon (<3 years, much less for many of them). It's a mix of a number of things (for many, family is a big component), but really the biggest one is that they don't feel that the opportunities the US offers are worth the sacrifices they have to make anymore. A particular sacrifice that comes to mind is their spouse being able to work - the Green Card process has been a shit show lately.
In fact, many of them are realizing that the "American Tech Dream" that was sold to them did not live up to expectations - particularly when it comes to things like being able to afford a house, education for children, healthcare, etc. in the Bay Area.
I've been in tech, in Silicon Valley, for 8 years, and this feels like it's really influenced by the Trump presidency (the moment Trump got elected, I have a few friends who left the US). But it's probably been brewing for longer than that, and I was just paying less attention to it at the beginning of my career.
FWIW I'm European and intend on leaving the US in <2 years for similar reasons (namely, that I can have a much better standard of life in Europe, be closer to my family, and do work that is as meaningful).