As much as you may enjoy an excuse to sperg about muh DEI and hate on Indians, the "Sandeep from Freelancer will do it for €20 a week" thing is only true for smaller clients and struggling startups.
One big reason why UX/UI is progressively going to shit elsewhere is because for tech companies' HR departments, your skills and/or experience may at best get you noticed, but what they are actually looking for nowadays is a TikToker attitude and overall quirkiness uwu. I've seen posts from tech recruiters plainly acknowledging as much pop on LinkedIn from time to time. "Design muscles can be trained", they say. Or something to that tune. Anyway, by the time product owners and such start having trouble because the learning curve is way too steep to meet scrum sprint deadlines or whatever, they are stuck with a room of wannabe influencers with nigh-untrainable "design muscles" whose contracts they are still bound to honour. And more often than not, the people who, you know, actually understand about design and development, are not the ones who have the final say in who gets hired and who gets sacked.
And of course, even the seniorest UX/UI designer that ever UX/UI designed isn't safe from having to change everything overnight on a higher-up's whim for no reason whatsoever. No amount of user research and testing, thorough as it may be, is a good match for the flakiness of the C-suite, or even worse, their not-so-user-centred motivations.
ETA:
There are certain jobs that, if done well, people question why you are needed. If done poorly, people question why you are needed. I'm guessing web design is one of those things.
Basically everything design that is not art, illustration, or advertising-oriented is like that. No one rides the NYC subway and thinks of Massimo Vignelli.