That only really applies to work that can be efficiently done remotely. While a lot of software can, there's a significant chunk that cannot and never will be able to. As soon as you have situations where you need specialized hardware, remote work becomes really inefficient/untenable.
True, though many types of hardware work can still be distributed.
More than one phone prototype can be made and shipped to different branch offices, for example. Do you need the entire company working off one hardware prototype? Is that even a practical way to iterate? Not really. It's only the more bespoke/expensive hardware that is more difficult to distribute.
But software employment is currently much larger percentage of the IT workforce anyway
