Every company? What about banks that have old codebases running on Cobol?
I'm also very skeptical about big bang rewrites, but there are points where you need to migrate off certain tech. Ideally you can make that transition piece by piece though, but that also introduces its own set of problems (now you have two systems and the new one has to inherit some of the baggage of the old one in order to be compatible).
This is exactly the kind of innovation I see coming out this current AI boom we're in. Take legacy codebases and spit out complete rewritten versions in whatever language that not just translates, but takes it much further and re-interprets it on top of modern architecture designs. It completes it with tests and a basic UI, or whatever makes sense for the project.
Those systems are well understood and well tested, so it's not cost effective at the moment to embark on a complete rewrite. Current AI coding systems are also very unreliable, so it's just a matter of time before those two meet on the graph and voila, another boom in moving the legacy world into safe languages.
I'm also very skeptical about big bang rewrites, but there are points where you need to migrate off certain tech. Ideally you can make that transition piece by piece though, but that also introduces its own set of problems (now you have two systems and the new one has to inherit some of the baggage of the old one in order to be compatible).