Do those people really believe they're the most intellectually superior to the rest of the world? If a job can be done purely remotely, what stops the employer from hiring someone who lives in a cheaper place?
A mid-size US tech company I know well went fully remote after a lot of insistence from the workforce, prior to the pandemic they were fully in office.
Soon enough they started hiring remotely from EU, and now the vast majority of their technical folks are from there. The only US workers remaining are mostly GTM/sales. I personally heard the founder saying “why should we pay US comp when we can get extremely good talent in EU for less than half the cost”. EU workers, on average, also tend to not switch job as frequently, so that’s a further advantage for the company.
Once you adapt to remote-only, you can scoop some amazing talent in Poland/Ukraine/Serbia/etc for $50k a year.
Amazing talent may end up cheaper in certain locales for a period of time, but if they are amazing they will become more expensive.
IMO, what's at risk are the entry/mid FAANG type jobs that pay a lot for what they are.