I have a feeling that many of the engineers who live in locations far off from SV such as Bangladesh, who do have the skills to make it as a FAANG employee (for example), already choose to move to SV/London/etc and collect that salary. If so, there shouldn't really be all that much untapped potential* in the third world. The way FAANG companies greedily hoover up the eligible talent pool (regardless of whether they have good project ideas for those folks to work on) makes me think it's not likely they'd overlook a vast pool of talent that's cheaper and just as productive.
*Not counting those who never had access to education or a computer to become fully realized engineers in the first place. Just commenting on ready-to-go software engineers.
*Not counting those who never had access to education or a computer to become fully realized engineers in the first place. Just commenting on ready-to-go software engineers.