Of course it's not new. And of course it never really stopped. But there is a new incentive for execs to give it a much bigger push given all the recent remote work tooling and when they now think a programmer is just monitoring AI output. So why not pay the monitor SE Asian wages rather than US wages.
The trend is away from remote work though. So much more stuff is hybrid then it was a few years ago. SE Asian wages means a 12 hour time zone difference and that carries a real cost on efficiency (I personally experienced this at two companies). Future poorly thought offshoring attempts will go just as badly as they have in the past. If anything AI makes it worse, since each individual dev is responsible for a bigger slice of the output they need to be in the loop on business / customer needs and significant timezone differences make that harder.