Every major consultancy now offers agentic modernization, and the pitch is nearly identical: agents read the legacy code, extract the rules, generate the target, automate the tests. Much of it runs on components anyone can buy.
Here is what that pitch skips: translated code compiles, passes its tests, and then breaks on the quarterly batch job, the regulatory calculation, or a rule for policies written before 1998 that exists nowhere except in the original code. Agents read syntax. They don't read purpose.
The bottleneck has moved from generating code to trusting it. That is the part we sell.