Don't get me wrong, there are a lot of smart folks from India working on these named companies. Yes, it is disheartening to spend months of your time writing knowledge base articles, documents and train your replacement. Been there, done that. Meanwhile, others have ways away to be considered for a junior role yet rock a much higher title on their signatures. Exactly as some born and raised here.
The obvious outcome: companies will start eliminating positions on US soil and hire even more positions from their IT partners. Or just move roles to subsidiaries elsewhere in the globe. The past 5 years have shown IT workers (not the dumb social butterflies who share business hours errands for the entire world to see) can work pretty much from anywhere, and the only reason why many are on site is either for valid technical reasons (hands on), for their own self stupidity, or have a micro-manager incapable to accept workers can be productive while not being under their noses. Which shouldn't be a problem for a company like, let's say, Microsoft, who has developed an entire suite of performance and analytics of any Microsoft software managers can get a report in a few clicks and know when someone is working and when it has an auto clicker keeping Teams active.
In the end, C suites are there to appease shareholders, and shareholders always win.