Java is fine, especially if you use a modern version or Scala/Kotlin. If you're talking about migrating to Rust specifically, it's probably because Rust can do a lot of things that people used to reach to Java for, with zero-cost abstractions. (The most obvious obviously being garbage collection.) Secondly, Java's performance for a running application is best-in-class for a dynamic, GCed language, but it still has a notoriously slow startup time. This makes it unsuitable for some use cases, where Rust might be a better option. (The tradeoff is probably that Java runs on more platforms with one executable.)
Nothing wrong with Java or JVM based languages. They're just not the shiny new thing anymore.
I don't know what kind of software you write at your company. It could be that the JVM was a poor fit for the stuff you do and Rust is far more suited. Or it could just be someone in leadership read a blog post where some company migrated from Java to Rust and saw a billion percent perf increase despite their use case being specific and not at all applicable to what you do and decided to decree that everything gets ported to Rust.... or any dozen of reasons in-between
save