The talent pool. Remote work gives you a much larger recruiting pool. There’s lots of talent that is just as capable but couldn’t justify moving to the Bay Area even though the salary was much higher. But would now be interested if they can stay where they are even at a lower salary.
I know for me moving to Silicon Valley didn’t make sense even at a 30% salary increase. If I can stay in Texas Id take the same job for a 15-20% salary increase.