Depending on the project, it might actually be the only sane option if you're still required to make significant changes to the application and features have be be continuously added - and the project has already become so full of technical debt that even minor changes such as mapping an additional attribute can take days.
As an easily explained example for such: I remember an angular fronted I had to maintain a while ago.
The full scope of the application was to display a dynamic form via multiple inputs and interdependent on the selected choices of the available form (so if question 1 had answer a, question 2+3 had to be answered etc).
While I wouldn't call such a behavior completely trivial, on a difficulty line it was definitely towards the easy end - but the actual code was so poorly written that any tiny change always led to regressions.
It was quite silly that we weren't allowed to invest the ~2 weeks to recreate it
Another example that comes to mind is a backend rewrite of a multi million PHP API to a Java backend. They just put the new Java backend in front of the old API and proxied through while they implemented the new routes. While it took over 2 years in total, it went relatively well.
But yeah, lots of Greenfield rewrites end in disaster. I give you that!