I find it funny that with the WFH movement people some to have forgotten the lessons learned from the early 2000s outsourcing/offshoring craze.
Many companies tried to move their development offices offshore to India, Vietnam, Bulgaria, Ukraine, anywhere with significantly cheaper labour. And the first lesson these companies learned was the second you've trained a person from that area to the point that you are happy, they will quit, because now they have the skills to get hired by another multinational and leave for a more affluent pastures.
It wasn't until people realized to took more to build offshore workforces. You have to build teams of people, you have to support their families (especially is south east asia), you need to provide benefits and incentives for them to stay in their home town. But most of all you need to become part of the local community. Otherwise you will always be a naive multinational to be taken advantage of as long as it's convenient. And the intelligent and driven people, the exact people you want to hire there, all know this.
I can see the exact same thing playing out in the WFH movement, with managers proclaiming that now that they can hire anywhere they can do away with much of the support and non-financial compensation inherit to office work. But they will run head first into the same problems as offshoring. A job is more than money, especially in an creative/problem solving industry like software development (and if you disagree, you are lying to yourself), your work, your colleagues and your company shape you, (should) support and reflect on you to all future employers. Loyalty has to be earned, and if all you are doing is relying on salary for this, then your loyalty is worth the dollars between you and your competitor.
My view is that we'll settle on a bimodal steady state. With WFH first companies that put in the time, money and effort needed to support a remote workforce. And traditional office work (with maybe a bit more flexibility) going back to full time face to face. I don't think the hybrid model can work.