I don't have any particular feelings about Rust, but proponents of Rust contend it is good for systems work, and that its memory safety checks eliminate memory safety issues arrising from safe code and that limiting code that doesn't pass those safety checks to marked areas makes it easier to audit and reason about memory safety leading to fewer memory safety issues in the final product.
An operating system is the essential piece of systems work, so a Rust OS should serve as a demonstration of the efficacy of Rust in systems work. Is the performance on par with contemporary operating systems? Is the code about as easy to understand as contemporaries? Is there a reduction in memory safety issues vs contemporaries?
Positive results from such a project could inspire others to use Rust for more systems work and perhaps integration into other OS kernels and/or key userspace libraries.
Plus, writing an OS is kind of fun.