A lot of mainframe users never needed a mainframe, they just didn't want to get fired for not buying IBM. Other users need some sort of mainframe reliability, but that's also achievable on a distributed system running on unreliable PCs.
There are some users whose use is genuinely deeply entwined with features mainframes provide, but those are dying out.
I don't buy this. Many of our critical systems are on PC architectures. Mainframes don't have some magic sauce, well designed distributed architectures should offer enough reliability.
Edit: reading comprehension fail, please ignore my comment :-)
Why waste your money on a single rack-mounted PC when you can buy 40 cheap cellphones running Android and network them together. That'll probably provide greater reliability.
The obvious answer is the same as why some use mainframes over PCs. You can't easily convert all workloads running on a rack-mounted PC to a network of cellphones. Similarly, you can't easily convert all programs running on mainframes to running on PCs.
Which is what I was alluding to with the last paragraph in my upthread comment. There are mainframe use-cases that are genuinely entwined with those hardware platforms. A mainframe isn't just a fridge-sized PC.
https://it.toolbox.com/blogs/shayne-nelson/the-60s-ibm-the-s...
By the 1990s, "big iron" referred not only to mainframe (S360 descendants -- now S390 / zOS), but big Unix vendors: Sun (now Oracle), HP, Data General, SGI, etc.
Some of these still survive in some form:
https://en.wikipedia.org/wiki/Mainframe_computer#Current_mar...
In mainframe hardware, IBM doesn't have much direct competitors. In mainframe software, there are many but most of the are much smaller than IBM, so it is often more symbiotic than competitive relationship.
However, IBM has dominated this market for as long as I can remember and today I believe they are the only ones making mainframe computers.
Worst IT practices and work ethics you could imagine. Lost source code, no comments/documentation, no tests, no monitoring, no benchmarks ... most of the work was done by people without a degree in anything and stayed around for decades. It's not well thought engineering.
I enjoyed working on mainframes, I still think it's amazing technology. Some of my colleagues where the nicest people I ever met, where very skilled and taught me a lot.
But I am now a DevOps working with open source, cloud computing & containerization, everything is nicer and a lot more interesting. And I don't have to fight everyone anymore because I am the one who will have to maintain the crap of retired people (most of the time I would hit a brick wall trying to explain what is IT in the 21st century).
This is true in most large orgs. That statement was true in the military, tech companies, and the non-tech companies I've worked for. The amount of politics and the size of egos grows exponentially the larger you get.
You don't have to be "young" (however one defines that) to try out new things, implement new technology, experiment, bring new viewpoints and the like. Unless you simply define "young" as people who do those very things, which divorces the notion of "youth" from calendar age... which is probably the correct way to look at it. There's no particular reason, for example, to think that someone who's 60 is not interesting in "trying out new things", "experimenting", etc. OTOH, you could have someone who's 26 who is very stuck in their ways and not interested in doing anything new.
The more expertise you get the more nuanced view of things you get, and it really complicates the problem analysis and the decision of how should you proceed. Basically, as you learn, you become overfitted to the current solution - you see so many problems with other approaches that they seem unfeasible. But people with less experience do not have this "problem". They will happily proceed and experiment. This would by itself end in a disaster, but with the proper guidance of expert, worst ideas can be avoided and the result is often beneficial.
But I want to comment that as a young mainframer (I started 14 years ago at the age of 26, with a big IBM competitor), I really enjoyed working with older people.
They work quite hard (they have survived lots of changes in the organization, and that - in majority of cases - means that their contribution was appreciated somewhere), often are less crazy (they are set in life, don't have to "compete" anymore), don't panic or get overexcited too much (they have seen lot of stuff and that moderates their emotions), have good stories from life (they lived through one already), and you can learn from them a lot (they often have weird experience in areas that you would never expect).
And a youngster can complement them nicely - trying out new things, implementing new technology, experiment, bring new viewpoints; often they will appreciate your energy to do that.