A lot of very critical infrastructure is still not even rewritten into C, rewriting it all in Rust or whatever is a pipe dream. And before you say that the financial system is not critical, I'd like to see you stop relying on it.
Rewriting in C seems like a dodged bullet. Better for it to stay on older safer languages.
Most COBOL rewrites I have heard of went to Java, a safe language.
The nice thing about this approach is that the LLMs don't need to be flawless for it to work, as the formal analysis / unit testing will keep their errors at bay - they just need to be good enough to eventually output something that passes the tests.