There's a few issues with this IMO:
1. Changes often require changing the functionality of a component, which means many of the current unit tests are bunk and need to be updated. Changes that are simply refactoring but should retain the same behavior, need to update/rewrite the tests, in which case again often requires significant refactoring of the existing tests.
2. Small isolated changes usually require testing everything which in a big org is very time consuming and slows down builds and deploys unnecessarily.
3. A lot of false confidence is instilled by passing unit tests. The tests passed, were good! Most of the production bugs I've seen are things you'd never catch in a unit test.
I really can't imagine a large refactor where we wouldn't end up rewriting all the tests. Integration tests are much better for that imo, "units" should be flexible.