The 2002 version of the standard added object features. While not my first choice of languages, it is typically not cheaper nor safer to rewrite large amounts of working tested code. Yes, you might do better with a clean sheet of paper and a decade or so, but most IT organizations don't have that luxury.
My favorite COBOL nerdy feature died many versions of the Standard ago (MOVE CORRESPONDING). It was my favorite not because it was a terrific feature, but it was just so unique to COBOL.
Cloud computing is, as a business model, a return to mainframe timesharing services such as dominated in the original COBOL and PL/I eras. It really is not a stretch to see IBM update their zSeries environment to easily enable leveraging the COBOL code base.
Yes, you can (and more cheaply per IBM MIP) run Linux on your zSeries hardware, so you can mix and match (write new applications, or layers in newer environments)
No doubt the sufficiently intrepid IT staffer could rewrite all the COBOL in Haskell or Perl