The idea of offshoring computing is good. However, the cloud developed as a centralized computing platform instead of a distributed one. This has created power dynamics that harm customers. The same happened with social media, and has happened to other industries. I think it would be better for customers if there were many small cloud providers and they could easily switch between them. But even migrating from one cloud provider to another is a huge endeavor these days.
If you actually mean offshore as in located in a different country or especially a different continent, then that is a terrible idea for latency for many forms of computation. There are acceptable use cases, eg when round trips are infrequent and average latency is already high like batch workloads or some forms of LLM, but even then closer compute is pretty much always a better experience.