More importantly, the JVM ecosystem is much bigger than Java itself. The JVM is a highly-optimized, cross-platform, garbage-collected environment on which people have built much more progressive languages that lack the syntactic baggage of Java: Scala, Groovy, Clojure, Kotlin. Clojure is one of the most popular and performant Lisps we currently have, and Scala is one of the closest things we'll get any time soon to a practical version of Haskell. Both of these projects got to avoid building their own garbage collectors, which is an enormous lowering of the effort barrier. And to top it all off, all of these languages' binaries are interoperable, which not only allows you to use different ones for different parts of the same system, but makes it much easier to gradually migrate your legacy codebase to a newer, better language.
I don't know if I'd start a new project in Java-the-language, but it's far from a Cobol situation.