Take the very same individual and place them in India or US, or even in a high or low CoL area in the US and they would charge differently; but their work is still the same. So you're not really getting what you paid for, you're paying for many externalities.
I’ve encountered offshore devs that are actually quite good... they are by far the exception, but they also charge much more than the run of the mill folks that you’re likely to encounter.