Hey Jonathan well done for expressing and presenting your case here. I'm not an exec or manager of a company (actually currently managing a website rebuild!) so I have a different take on this issue.
While I agree in principle with outsourcing, at the heart of the issue - from a developed country citizen's perspective - is that is lowers wages in countries with far higher standards, and costs, of living, such in as Australia. I agree that outsourcing builds bridges and relationships between nations and cultures, with myriad benefits including different ways of approaching problems from different perspectives and cultures, but in the end, not all economies are equal.
As long as the staff employed in the outsourcing location are appropriately paid based on their country's fair and reasonable standard of living, and not a basic minimum wage just to get by on - then it's fair, and fine, all good. But when outsourcing starts to put pressure on professionals in developed countries to accept lower wages due to their outsourced counterparts in, say, the Philippines, then, how can they afford the standard of living in their own country? The cost of buying a home (let alone renting one) is a case in point in Australian capital cities where median house prices start at almost AUD$700,000, and average weekly rent for a house is AUD$400.
In my view, outsourcing needs to be based more on socio-economic factors of the destination country of where the outsourced staff are hired, rather than a bottom-line approach: companies need to operate with fairness and equity, and pay employees a fair wage so they can have a good standard of living.
After all, all industries, especially tech & innovation, need to be sustainable to operate well into the future.