Just my opinion, but based on running remote and semi-remote teams since 2008 ... fully or mostly remote engineering teams are a competitive advantage, so, by definition, organizations that choose not to adapt to this reality will have a hard time competing. Organizations can have a personal preference for co-located work, but, I think the marketplace will select those organizations out. I think this will unfold over…
I think if things flip and remote becomes the primary, and co-location becomes rare we'll also see some companies that are able to use co-location as a competitive advantage. But I agree that remote (and the practices it encourages) are currently a competitive advantage.
Organizations approaching remote have a helpful speedbump that encourages them to take an intentional look at the way they disseminate information. Being fully remote is an accountability structure that helps ensure that everyone is following those practices.
There's nothing that would prevent a well-run colocated company from capturing those particular advantages, but such a company would probably slowly drift remote as companies like Buffer (and GitLab!) have as they grow and look for new talent.