It's already frozen and the replacement is already there. It's Rust. (Yes there are other competitors, but unless a large shift happens, Rust has won¹´⁴.)
The intent of maintaining C is to help maintain the shittons of existing C code. Even if people were to immediately start rewriting everything, it'd take a decade or two until most things have a replacement. And you still need to maintain and update things until then. There's enough work to think about making that task better - especially for safety concerns, like we're talking about here.
(And, yeah, sunk cost and whatnot… especially if you're making a commercial product, a rewrite is a hard sell and a lot of C code will live far longer than we all wish. It'll be the COBOL of 2077, I suspect.)
¹ "high-level" C code has a lot of other options and probably shouldn't have been written in C to begin with. For low-level C code, Rust is the most suitable² and popular option, everything else is significantly behind (in popularity/usage at least). That might of course change, but for the time being, it is Rust and Rust is it³.
² this doesn't mean Rust is specifically targeted at or limited to low-level things, it just does them quite well and is a good slot-in for previous C uses.
³ of course C++ was supposed to be "it" the entire time, but at least as far as I'm personally concerned, C++ is a worse disaster than C and needs to be replaced even more urgently.
⁴ I'm aware Zig exists. Call me when it reaches some notable fraction (let's say ⅓) of Rust's ratings on the TIOBE index.