In a lot of organisations it's the most dependable thing they run. Batch processing, financial calculations, payroll, billing and logistics, ticking along for 20, 30 or 40 years. We're not going to tell you that's a disgrace.
The risk is dependency. Fewer people can maintain it every year, and retirement is the main reason. Decades of business rules live only in the code. Modern platforms don't speak COBOL, so every integration gets more awkward. And a failure in a system nobody fully understands costs far more than a planned move.

