EU market ain't shrinking either. I doubt many people will think they can do border crossing every day so paying 100k to a useless Canadian degree becomes a profitable move all of a sudden. But for your specific case yes it indeed may work. I try to think general though, many people won't go for that.
The situation with the job market is already clear but there are other things I didn't even mention, like how far Canada is. Plane tickets are more expensive, flight is longer and more difficult, families coming and going is more difficult for everyone. Any other immigration program Canada offers than FSW is just less profitable than what other countries offer.
I tried to keep it general like I tried to include asian and indian people too. But for me for example, even US becomes an easier option than buying a PGWP for CEC.