For the type of organizations that run workloads on IBM mainframes, there are three drivers: * Legacy: The application was written for the mainframe, cannot run on anything else, too expensive in terms of dev and test time to re-platform * Business value: This is the big one; these workloads make their companies 100s of millions to billions of dollars per year. The price premium for running this on a mainframe is a rounding error. * Reliability: With the cloud, I hold the opinion that the average x86 application is less available/reliable than a well-run pre-cloud application (which already included HA, etc.). Mainframe apps and hardware blow all this out of the water.
FWIW: I programmed mainframes briefly early in my career, I am quite familiar with the ecosystem.