One would hope that IBM's selling a product that has a higher success rate than a coinflip, but the real question is long-term project cost. Given the example of a $700 million dollar project, how much does AI need to convert successfully before it pays for itself? If we end up with 20% of the original project successfully done by AI, that's massive savings.
The software's only going to get better, and in spite of how lucrative a COBOL career is, we don't exactly see a sharp increase in COBOL devs coming out of schools. We either start coming up with viable ways to move on from this language or we admit it's too essential to ever be forgotten and mandate every CompSci student learn it before graduating.