There was a similar rush around Y2K:
https://dilbert.com/strip/1997-11-04
COBOL was never OOP. It was invented in the 1950s and designed so that it looked enough like English that idiot managers could look at COBOL code and think that they understood it. Because as we all know, the mark of a truly great manager is that they could do the job of anyone on their team and do it better, except that they're too busy doing More Important Things. It makes it easier to micro-manage.
COBOL is a great way to develop writer's cramp if you code it on an old-style coding pad (back when you gave it to someone else to keypunch). It's as verbose as C is terse.
COBOL is not only procedure-oriented, it doesn't even like function calls much, so COBOL programs tend to run as straight-line or spaghetti code.
In short, not without hazard pay.
Some people, when well-known sources tell them that fire will burn them, don't put their hands in the fire.
Some people, being skeptical, will put their hands in the fire, get burned, and learn not to put their hands in the fire.
And some people, believing that they know better than well-known sources, will claim it's a lie, put their hands in the fire, and continue to scream it's a lie even as their hands burn down to charred stumps.