The use case was processing of record-based inputs in an administrative context, based on a technology millions of times less powerful than current hardware, yet still able to sustain a massive administration (old-school banking, anyone?)
No, you will not write a compiler or a kernel module in COBOL, just like you won't write it in SQL, APL or Matlab. But for the purpose it was built for, you'll be a lot more comfortable than in most alternatives.