There was a really great COBOL programmer back in the 1990’s who was making piles of money hand over fist. But she was terribly overworked, and getting really tired of slaving away on Y2K fixes.
From all her experience fixing mission critical code, she was becoming increasingly worried that civilization was going to collapse due to Y2K bugs.
After all that hard work, she never wanted to look at another line of COBOL ever again, she was just so sick and tired of it.
So she signed up with Alcor, and had herself cryonically frozen in 1999, leaving behind explicit instructions that she was to be revived after civilization had finally put itself back together again.
Time passed by, Y2K came and went, but to her, it was only the dreamless flickering of an instant.
Finally she woke up, in a clean futuristic hospital room, surrounded by inscrutable machines that go “ping” and strangely dressed doctors with funny accents and weird hairdos.
She was just so happy to be alive that she proclaimed “Thank you so much for bringing me back to life! I am eternally grateful, and in your debt! Is there anything I can do to repay you? And by the way, what year is it?”
Then one of the doctors smiled at her cheerfully and said, “Yes, actually! It’s the year 9999, and the records indicate that you’re a COBOL programmer...”
In tech you can get a job easily learning a new technology that's getting traction and hope demand is bigger that offer. This is a classic first job / career reboot case.
For old techonologies usually demand is lower than the offer. I don't know the exact case about COBOL; but I guess since boomers are retiring now, COBOL demand out there might unexpectedly grow.
And for the Mainframe stuff... Everybody says they're expensive, even without having seen an actual Mainframe bill, so it can be wrong (and might be a competitive advantage for some).
Bit since the 90s everybody has been trying to grab that Mainframe dollars, and that's too much time. Some succeeded with Client/Server, others with Java, Linux, Virtualization...
So, COBOL land looks unsexy. When it is already stablished it gets the job done; so don't expect headlines about COBOL except when something weird shows like Y2K.
But for a lot of needs over the past 50 years(!), that parcel van does a reliable job.
The modern equivalent is Java.