In IT, they have been trying this for years, and it rarely works out as they think. Far remote/offshore workforces are most times difficult to communicate/collaborate with, do not possess the hard or soft skills advertised/necessary and are notoriously unloyal (will jump to another job for $500). This takes it's toll in lack of continuity, team moral, and turnover related onboarding/offboarding/training costs.
I have managed IT teams for 20 years, including the "edict" to hire from India/Mexico/Taiwan.
Even in my current role I have 3 open positions slated for "far remote" hires. Granted, these 3 roles are backfills for a single head in the US because they are more affordable, they're difficult to fill with quality/qualified candidates and keep them filled.
As for the original topic... WFH is here to stay for the roles that can be done that way. Management needs to adjust the way we manage, motivate, collaborate and evaluate our workforce to support WFH. I've done it and believe that I'm very effective at it now.
FWIW... I do recognize that everyone is different, and some personalities crave the social interaction that comes with going into the office. Luckily for me, that doesn't describe the bulk of the IT workforce

... myself included.