This looks like a lot of work for what amounts to very little end-user benefit. Honestly, I'd rather see more progress on the Emacs Lisp/Guile migration than on a putative C/Rust migration. At least with the Guile switch, it's something that will have an obvious (and probably positive) impact on the people that use the editor.
It seems a bit rude to complain about volunteers for doing something they want to do rather than what you want them to do. I imagine that this, for the most part, isn't even opportunity cost: the people working on it probably wouldn't be contributing to full Emacs (or the Guile effort) anyway. And this sort of effort seems like it could be an on-boarding experience to improving the original code base, e.g. in the pro…
Moreover, while some people work on the endless clones of the same thing, the completely different set of contributors is wasting their time cleaning up / fixing bugs / writing documentation for those endless clones.
Examples are: a lot of Linux distros, which are almost the same but not one of them comes even close to MacOSX as a desktop OS. Javascript frameworks which solve the same rendering problem again and again.
On the other side, there is Spacemacs, which tries to provide solid modern IDE-like experience on top of existing Emacs solution, leaving low-level stuff to emacs core team.