As a mainframer: IBM should make the z/OS available for free experimentation! That's the biggest obstacle and reason why people do not know it. Even the long dead Solaris has more hackers on it than z/OS. Also, millenials will also want job security and pensions, eventually. Just wait when they have kids.
Companies are not going to change their culture overnight, and they currently view employees as disposable. There's not many jobs in mainframe developer compared to say web dev, and the skills in mainframe developer to seem like they transfer poorly.
I have a better chance at keeping the actual day to day of my life stable if I keep skills in an industry where I have lots of opportunities for jobs. Unless companies employing mainframe developer start offering garunteed pensions that are funded up front or a much higher average salary than the alternatives, it's not a gamble I'd be willing to take
Edit: additionally the mainframe engineer talent pool seems to skew much older than other development. That wouldn't be a problem if the field was growing. Having a decent chance of always being the new guy or junior even if you've been there 10+ years would probably do little for job satisfaction given how many people automatically defer to seniority. I have no real interest in having my ideas ignored for years