Sycophancy. It's much more fun to botch a project with unqualified offshore people who say "we'll work harder next time" instead of with qualified people who say "define the damn business requirements and stick to them if you want us to be done on time." It's hard to tell a qualified techie from a guy off the street with acronyms on his/her CV.
Low salaries. Companies are willing to spend 60 days training and 3 months of work to fail a project offshore that can be done onshore in 3 weeks. It's so much easier to sell cheap people who aren't qualified than reasonable priced people who are. No one knows the difference, especially once the project ends up getting done in 3 weeks once it gets brought back onshore.
A low geekiness factor. It's way more fun to fail a project with guys who are fun and happy than to succeed with a bunch of grouchy nerds.
Promotions without raises. Even at higher levels I'm hearing more and more people who get a title and responsibilities while being paid peanuts relative to people promoted 5 or 10 years ago.
Stock buybacks to inflate options instead of growing the company. Who needs to get better at what you do when you can pillage what someone else built?