Somebody has to kepp the lights on for stuff that is still out there running on cobol when the current generation retires. Its already a bit of problem with tryung to port it over, as nobody can read it
All over the world new COBOL developers are made every day. Typically they aren't specifically COBOL developers, they also have background in Java, C# or C++. It's common in institutions that rely on COBOL to have toolchains that generate code for both mainframe and regular applications or SDK:s. In many places it's no longer locked in with greybearded warlocks.